Comerica Bank’s California Economic Activity Index improved by 0.1 percentage points in May to a level of 120.6. May’s reading is 37 points, or 43 percent, above the index cyclical low of 84.1. The index averaged 119.8 points for all of 2015, six and two-fifths points above the average for all of 2014. April’s index reading was 120.5.
“The Comerica Bank California Economic Activity Index improved again in May after gaining in April. The California Index is still caught in the range established since mid-2015. Recent improvements in technology stock prices will help lift the index as we report mid-year results. Job growth for the state has been choppy on a month-to-month basis, but still remains stronger than the U.S. average over the previous year. House prices in San Francisco dipped in April and May, and are now showing a 6.5 percent gain over the past year. This is well down from the near 25 percent year-over-year gains reported in mid-to-late 2013,” said Robert Dye, Chief Economist at Comerica Bank. “We expect to see slower house price appreciation in Northern California through the remainder of this year.”
For a PDF version of the California Economic Activity Index click here: CaliforniaIndex_0716.