Comerica Bank’s Florida Economic Activity Index grew by 3.3 percentage points in April, to a level of 114.9. The April index reading is 34 points, or 43 percent, above the index cyclical low of 80.6. The index averaged 105 in 2012, 10 points above the average for all of 2011. March’s index reading was revised to 111.6.
“Our Florida Economic Activity Index is showing rapidly improving economic conditions in the Sunshine State driven by positive trends in residential real estate markets,” said Robert Dye, Chief Economist at Comerica Bank. “Labor market conditions are also improving and, together with the housing sector, provide broad support for the Florida economy. We expect conditions to continue to firm up over the remainder of this year.”
The Florida 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, house prices and total enplanements. 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.