Comerica Bank’s Florida Economic Activity Index remained stable in June, at a level of 120.0. June’s index reading is 39 points, or 49 percent, above the index cyclical low of 80.6. The index averaged 105 in 2012, 10 points above the average for all of 2011. There was no revision to May’s index reading of 120.0.
“Our Florida Economic Activity Index was unchanged in June, reflecting weak overall job growth and fluctuations in residential construction activity,” said Robert Dye, Chief Economist at Comerica Bank. “Support to the state economy is coming from improving house prices and tourism activity. Job growth is expected to improve as real estate markets recover from the devastating collapse of 2007-2010. Residential construction indicators have been volatile in 2013 for Florida, and that is impacting our index. We expect the Florida economy to continue to improve through the remainder of this year.”
For a PDF version of the Florida Economic Activity Index, click here: FloridaIndex_0813.