Comerica Bank’s Florida Economic Activity Index dipped by 0.9 percentage points in August to a level of 154.1. August’s index reading is 76 points, or 97 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. July’s index reading was 155.0.
“The Comerica Bank Florida Economic Activity Index eased in August after treading water in July. After increasing for 26 out of 27 months, from May 2014 through June 2016, the Florida index looks a bit cooler over last summer. In August, four index components increased, including nonfarm payrolls, house prices index, state sales tax revenues and hotel occupancy. Four components decreased, including state exports, initial claims for unemployment insurance (inverted), housing starts and enplanements. Recent damage from Hurricane Matthew was less than feared in Florida. On October 7, the storm caused a peak surge of 9.88 feet above normal at Fernandina Beach, Florida. Some retail establishments lost business, and others gained as Floridians prepared for the storm. We expect to see little measurable and lasting impact on the Florida economy from the storm,” said Robert Dye, Chief Economist at Comerica Bank. “We look for the Florida Index to resume its upward climb this fall, reflecting ongoing economic expansion for the state.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_1016.