Comerica Bank’s Arizona Economic Activity Index jumped upward in February, increasing 2.8 percentage points to a level of 104.4. February’s index reading is 33 points, or 46 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. January’s index reading was unchanged at 101.6.
“Our Arizona Index improved again in February, now for the fourth consecutive month, reflecting solid growth in the Arizona economy. Improving residential real estate conditions have been a significant factor in the recent consistent gains to our Arizona Index. Phoenix-area house prices are increasing steadily and residential building permits are trending up,” said Robert Dye, Chief Economist at Comerica Bank. “The number of payroll jobs in Arizona dipped in February and that was a negative factor in the February index. However, we already see a gain in March payroll jobs and we expect to see ongoing job growth in Arizona for the remainder of this year.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_0414.