Comerica Bank’s Arizona Economic Activity Index climbed in April, advancing 5.0 percentage points to a level of 107.1. April’s index reading is 36 points, or 50 percent, above the index cyclical low of 71.2. The index averaged 97 points for all of 2013, ten points above the average for full-year 2012. March’s index reading was revised down to 102.1.
“Our Arizona Economic Activity Index climbed rapidly in April. Revised data now show that the index is up for the sixth consecutive month. Our Arizona Index is being supported by ongoing improvement in residential real estate markets. Both house prices and building permits have strengthened recently. However, the plateau in payroll jobs for the state, visible since last December, is cause for concern. Arizona payroll employment levels remain well below their pre-recession peak,” said Robert Dye, Chief Economist at Comerica Bank. “I expect to see the state adding jobs soon, consistent with the gains seen in other economic data.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_0614.