Comerica Bank’s Arizona Economic Activity Index showed a small improvement in June, rising 0.1 percentage points to a level of 96.6. June’s index reading is 25.3 points, or 35 percent, above the index cyclical low of 71.3. The index averaged 87.2 points for all of 2012, 8.7 points above the average for full-year 2011. There was no revision to May’s index reading of 96.5.
“Our Arizona Index ticked up again in June, boosted by payroll job growth and increasing house prices. The state is feeling the positive effects of improving housing markets and gains in household wealth,” said Robert Dye, Chief Economist at Comerica Bank. “House prices in Phoenix were up 20 percent in June, compared with a year earlier, significantly above the U.S. average. However, the fall in house prices in Phoenix from 2006 through 2010 was much worse than the U.S. average, so there is still a lot of room for improvement. I expect our Arizona Index to continue to trend upward through the remainder of this year.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_0813.