Comerica Bank’s Arizona Economic Activity Index showed modest gains in September, increasing 0.1 percentage points to a level of 95.3. September’s index reading is 24 points, or 34 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. August’s index reading was revised down from 95.3 to 95.2.
“Our Arizona Index ticked up slightly in September. The stall in the index through most of 2013 reflects still-modest job growth statewide and volatile residential building permits. Arizona has enjoyed consistent strong job growth through economic expansion cycles since the early 1950s. However, so far in the current expansion, Arizona is adding jobs at about the national average rate, well shy of historical strong performance,” said Robert Dye, Chief Economist at Comerica Bank. “There is good news in real estate indicators. Phoenix-area house prices were up 18.6 percent in September from a year earlier, indicative of an improving real estate market statewide.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_1113.