Comerica Bank’s Arizona Economic Activity Index climbed in January, rising 1.9 percentage points to a level of 95.2. The January index reading is 24 points, or 34 percent, above the index cyclical low of 71.0. The index averaged 87 points for all of 2012, nine points above the average for full-year 2011. December’s index reading was unrevised.
“Our Arizona Index increased for the eighth straight month in January, now at its highest point since September 2008,” said Robert Dye, Chief Economist at Comerica Bank. “Home prices notched their 16th consecutive increase in the first month of 2013, up more than 21 percent year-over-year in January. Payroll employment dipped slightly in January, following strong gains in November and December. We expect to see further improvement to the Arizona economy in the months ahead.”
Click here for a PDF version of the Arizona Economic Activity Index: ArizonaIndex_0313.