Comerica Bank’s Florida Economic Activity Index increased 0.2 percentage points in September, to a level of 113.3. September’s index reading is 33 points, or 41 percent, above the index cyclical low of 80.6. The index averaged 105 in 2012, 10 points above the average for all of 2011. August’s index reading was revised down from 113.2 to 113.1.
“Our Florida Index leveled out in September following two consecutive monthly declines. The main culprit behind the recent volatility of the index was a resetting of building permits after a rapid increase through last May. Broader indicators, such as payroll employment and sales tax collections show steadier improvement,” said Robert Dye, Chief Economist at Comerica Bank. “House prices continue to firm up in Florida. Miami house prices were up 14.3 percent in September over the previous 12 months. Tampa house prices are up a similar 14.5 percent over the previous 12 months. Stronger real estate markets are a major support to the Florida economy.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_1113.