Comerica Bank’s Florida Economic Activity Index increased by 0.4 percentage points in May, to a level of 116.2. May’s index reading is 36 points, or 45 percent, above the index cyclical low of 80.4. The index averaged 114 in 2013, nine points above the average for all of 2012. April’s index reading was revised up to 115.8.
“Our Florida Economic Activity Index improved in May, reversing a slight two-month decline. Most components of the index increased in May; however, payroll employment showed a slight decline. Recent job growth has generally been faster than the U.S. average, and we expect that to continue through the second half of this year,” said Robert Dye, Chief Economist at Comerica Bank. “House price appreciation has slowed in both Miami and Tampa, consistent with trends visible in most major markets across the U.S.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_0714.