Comerica Bank’s Florida Economic Activity Index remained unchanged in March, at a level of 152.9. March’s index reading is 75 points, or 96 percent, above the index cyclical low of 78.1. The index averaged 138.0 in 2015, twenty and three-tenths points above the average for all of 2014. February’s index reading was also 152.9.
“After increasing for 23 consecutive months, the Comerica Florida Economic Activity Index was unchanged in March. Job growth is still pushing the economy forward, but that effect was countered in March by weaker tourism indicators. Four index components were positive in March, including payroll job growth, initial claims for unemployment insurance (inverted), house prices and sales tax receipts. Four components were negative, including state exports, housing starts, hotel occupancy and enplanements,” said Robert Dye, Chief Economist at Comerica Bank. “Real estate markets are generally tightening in the state; however, the Miami condo market is cooling and will weigh on construction indicators there this summer.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_0516.