Comerica Bank’s Arizona Index Continues to Grow in January

Comerica Bank’s Arizona Economic Activity Index expanded in January, up 1.3 percentage points to a level of 101.6. January’s index reading is 30 points, or 42 percent, above the index cyclical low of 71.3. The index averaged 96 points for all of 2013, nine points above the average for full-year 2012. December’s index reading was unchanged at 100.3.

“Our Arizona Index improved in January, for the third consecutive month. The state economy, dominated by the Phoenix-Mesa-Scottsdale metropolitan statistical area, is showing consistent improvement in fundamental indicators. Job growth has been above the U.S. average, and steady. Real estate prices are recovering from the housing crash of 2007-08,” said Robert Dye, Chief Economist at Comerica Bank. “House prices are still a long way from the frothy peaks of 2006, but they are now on par with 2004 values, before the big price inflation began. Payroll jobs in January were up 2.3 percent statewide over the previous 12 months, better than the U.S. average rate of 1.7 percent.”

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For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_0314.

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