Comerica Bank’s California Economic Activity Index jumped in April, increasing 4.0 percentage points to a level of 113.2. April’s reading is 41 points, or 56 percent, above the index cyclical low of 72.6. The index averaged 106 points for all of 2013, five points above the average for all of 2012. March’s index reading was revised up to 109.2.
“Our California Economic Activity Index re-established its upward trend in April after declining for three consecutive months. Payroll job growth for the state remains above the U.S. average, fueled by gains in high-tech industries and strengthening housing markets. Residential building permits were particularly strong in April, helping to elevate the index,” said Robert Dye, Chief Economist at Comerica Bank. “We expect the California economy to continue to strengthen through the remainder of this year, and we expect our index to retain its overall upward trajectory.”
For a PDF version of the California Economic Activity Index click here: CaliforniaIndex_0614.