Comerica Bank’s Florida Economic Activity Index declined by 0.3 percentage points in April, to a level of 115.6. April’s index reading is 35 points, or 44 percent, above the index cyclical low of 80.4. The index averaged 114 in 2013, nine points above the average for all of 2012. March’s index reading was revised down to 115.9.
“Our Florida Economic Activity Index dipped in April, continuing a soft entry into 2014. Tourism activity, as indicated by enplanements and hotel occupancy, may be levelling out after a strong run through the end of 2013. Fortunately, recent job growth has been above the U.S. average. As of April, payroll employment in the Sunshine State was up 3.3 percent from a year earlier, well above the 1.7 percent increase for the U.S. as a whole,” said Robert Dye, Chief Economist at Comerica Bank. “Firming property markets, plus expanding U.S. and global economies will keep the Florida economy on a growth track through the second half of the year.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_0614.