Comerica Bank’s Arizona Economic Activity Index grew in July, increasing 0.3 percentage points to a level of 96.9. July’s index reading is 25.6 points, or 36 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 June’s index reading of 96.6.
“Our Arizona Index ticked up again in July, reflecting the sustained turnaround in the Arizona economy. Most index components were positive, only the unemployment claims index worsened in July. I expect the claims data to show improvement in the coming months,” said Robert Dye, Chief Economist at Comerica Bank. “House prices continue to improve in Phoenix; they are up about 19 percent in July from one year earlier. Strong house price appreciation is helping homeowners rebuild the equity in their homes and that is supportive of ongoing gains in retail sales. 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_0913.