Comerica Bank’s Arizona Economic Activity Index grew again in March, increasing 0.4 percentage points to a level of 107.3. March’s index reading is 31 points, or 40 percent, above the index cyclical low of 76.7. The index averaged 99.9 points for all of 2014, four and two-fifths points above the average for full-year 2013. February’s index reading was 106.9.
“Comerica Bank’s Arizona Economic Activity Index climbed again in March with mixed support. Four of the eight index components improved in March, including nonfarm payroll employment. Real estate prices are starting to firm up and that is a good sign for the state economy. The fact that housing in Arizona remains very affordable may work in Arizona’s favor, as other competing U.S. vacation and retirement destinations get more expensive,” said Robert Dye, Chief Economist at Comerica Bank. “We expect the Arizona economy to keep improving through the summer.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_0515.