Comerica Bank’s Florida Economic Activity Index dipped 2.2 percentage points in January, to a level of 117.2. January’s index reading is 37 points, or 45 percent, above the index cyclical low of 80.6. The index averaged 115 in 2013, 10 points above the average for all of 2012. December’s index reading was revised down from 119.5 to 119.4.
“Our Florida Economic Activity Index ticked down in January, consistent with the soft winter economic data seen in much of the rest of the country. We expect to see ongoing improvement to the Florida economy through the remainder of this year as both residential and commercial real estate markets continue to heal,” said Robert Dye, Chief Economist at Comerica Bank. “Payroll job growth is now trending well above the national average. For the year ending in January, Florida payroll jobs were up by 2.6 percent, compared to the U.S. average rate of 1.7 percent for the month.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_0314.