Comerica Bank’s California Economic Activity Index climbed in February, gaining 3.3 points to a level of 104.1. February’s reading is 31 points, or 43 percent, above the index cyclical low of 72.7. The index averaged a revised 101 points for all of 2012, three points above the average for all of 2011. January’s index reading was revised to 100.8.
“Our revised California Index has pulled back up in early 2013 after slumping through the end of 2012,” said Robert Dye, Chief Economist at Comerica Bank. “Components of the index were mostly positive for February. Only exports and the Silicon Valley stock index were down for the month. Residential property markets continue to firm up in most areas, providing broad-based support to the state economy. Commercial property markets are also showing signs of improving.”
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, Baker Hughes rotary rig count and the Silicon Valley 150 Index (SV150). All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.