Comerica Bank’s Florida Economic Activity Index improved by just 0.1 percentage points in June to a level of 155.1. June’s index reading is 77 points, or 98 percent, above the index cyclical low of 78.1. The index averaged 138.2 in 2015, twenty and seven-tenths points above the average for all of 2014. May’s index reading was 155.0.
“The Comerica Florida Economic Activity Index inched up in June. The headline view is that our Florida index continued its very strong run, increasing in 26 out of the last 27 months. However, the details show mixed results. Three of the eight indicators were positive for the month. Nonfarm employment, housing starts and hotel occupancy all showed moderate gains. House prices were unchanged for the month, while state exports, initial claims for unemployment insurance (inverted) and sales tax receipts all eased. Job growth remains strong, with nonfarm employment increasing by 3.1 percent for the 12 months ending in June. Recent monthly job gains are close to the average of about 20,000 net new jobs per month since 2013,” said Robert Dye, Chief Economist at Comerica Bank. “We look for ongoing growth in the Florida economy, supported by strong demographic trends.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_0816.