Comerica Bank’s Arizona Economic Activity Index grew in November, up 1.0 percentage point to a level of 95.9. November’s index reading is 25 points, or 35 percent, above the index cyclical low of 71.3. The index averaged 87.1 points for all of 2012, 8.6 points above the average for full-year 2011. October’s index reading was 94.9.
“Our Arizona Index improved in November, breaking out of a three-month flat spell. Six out of seven index components were positive in November, including payroll job growth. Total employment for the state remains well shy of its pre-recession peak, but job growth remains slightly above the U.S. average, up 1.9 percent in November over the previous 12 months,” said Robert Dye, Chief Economist at Comerica Bank. “House prices remain firm. Phoenix house prices were up 16.7 percent in November according to the Case-Shiller data, above the 20-City average gain of 13.7 percent. I expect our index to show ongoing improvement to the Arizona economy through 2014.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_0114.