Comerica Bank’s Florida Economic Activity Index decreased 1.4 percentage points in July, at a level of 118.5. July’s index reading is 38 points, or 47 percent, above the index cyclical low of 80.6. The index averaged 105 in 2012, 10 points above the average for all of 2011. June’s index reading was revised down to 119.9.
“Our Florida Economic Activity Index ticked down in July, reflecting a decline in the value of exports for the state, and a dip in hotel occupancy. The drop in exports is visible in the data since mid-2012. Other components of the Florida economy are improving. Payroll employment is trending up and house prices are firming,” said Robert Dye, Chief Economist at Comerica Bank. “Residential construction is also trending up, but the statewide data has been somewhat erratic. A steadier U.S. economy and early signs of improvement in Europe are both good news items for the Florida tourism industry. 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_0913.