Comerica Bank’s California Economic Activity Index improved in November, increasing 2.0 percentage points to a level of 109.1. November’s reading is 36 points, or 50 percent, above the index cyclical low of 72.7. The index averaged 101 points for all of 2012, three points above the average for all of 2011. October’s index reading was 107.1.
“Our California Index climbed for the fourth consecutive month in November, reflecting improved economic conditions in the state at year-end. Job growth for the state is tracking close to the national average, up 1.6 percent in November over the previous 12 months, compared with 1.7 percent for the U.S. as a whole,” said Robert Dye, Chief Economist at Comerica Bank. “House price appreciation has been strong, particularly in Northern California, supported by the solid performance of high-tech industries and limits to new residential construction. Less drag from federal spending this year is also good news for the state economy.”
For a PDF version of the California Economic Activity Index click here: CaliforniaIndex_0114.