Comerica Bank’s Florida Economic Activity Index decreased 5.2 percentage points in August, to a level of 113.2. August’s index reading is 33 points, or 40 percent, above the index cyclical low of 80.6. The index averaged 105 in 2012, 10 points above the average for all of 2011. July’s index reading was revised down to 118.4.
“Our Florida Index pulled back again for the third month in a row in August. While most index components improved, building permits fell significantly in August. Fortunately, home prices are still firming and that is helping homeowners rebuild the depleted equity in their homes,” said Robert Dye, Chief Economist at Comerica Bank. “The tourism and hospitality industries saw gains in August with hotel occupancy and total enplanements up for the month. Slowly improving domestic and international conditions will be supportive of Florida tourism in 2014.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_1013.