Comerica Bank’s California Economic Activity Index was essentially unchanged in March, down just 0.1 percentage points to a level of 108.8. March’s reading is 36 points, or 50 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. February’s index reading was revised down to 108.9.
“Our California Economic Activity Index ticked down very slightly in March, essentially unchanged for the month. Three out of eight components were negative, including state exports, hotel occupancy and the Silicon Valley 150 stock market index. Also, residential building permits are improving, but remain below the high rates of the fourth quarter of last year. On the plus side, payroll job growth ticked up and state sales tax receipts improved in March,” said Robert Dye, Chief Economist at Comerica Bank. “We expect our California Index to continue its upward trend through the remainder of this year, consistent with an expanding state economy.”
For a PDF version of the California Economic Activity Index click here: CaliforniaIndex_0514.