Comerica Bank’s California Economic Activity Index grew in December, advancing 2.5 percentage points to a level of 111.4. December’s reading is 39 points, or 53 percent, above the index cyclical low of 72.7. The index averaged 106 points for all of 2013, five points above the average for all of 2012. November’s index reading was revised slightly down from 109.1 to 108.9.
“Our California Index climbed again in December, now for the fifth consecutive month. Most of the eight components of the index eased in December. However, payroll jobs ticked up and market valuations for high tech companies were strong in December,” said Robert Dye, Chief Economist at Comerica Bank. “House price appreciation has also been strong for San Diego, Los Angeles and San Francisco and that is a positive for the state economy. We expect the California economy to show increasing momentum in 2014.”
For a PDF version of the California Economic Activity Index click here: CaliforniaIndex_0214.