Comerica Bank’s Florida Economic Activity Index grew marginally in August, increasing less than 0.1 percentage point to a level of 138.5. August’s index reading is 60 points, or 77 percent, above the index cyclical low of 78.1. The index averaged 117.6 in 2014, eight and three-fifths points above the average for all of 2013. July’s index reading was 138.4.
“Our Florida Economic Activity Index was essentially unchanged in August. The marginal uptick gave the index its 17th consecutive monthly increase. Index components were mixed. Positive contributions came from payroll job growth, housing starts, state sales tax and enplanements. The negatives were state exports, initial claims for unemployment insurance, house prices and hotel occupancy. Florida is benefitting from strengthening U.S. households, cheaper gasoline and improving real estate conditions. Headwinds for the state are the stronger dollar and weaker Latin American economies,” said Robert Dye, Chief Economist at Comerica Bank. “Favorable demographic trends will continue to be a long-term support for the Florida economy as both workers and retirees move into the state.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_1015.