Comerica Bank’s Florida Economic Activity Index increased by 1.9 percentage points in October to a level of 157.0. October’s index reading is 79 points, or 101 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. September’s index reading was 155.1.
“The Comerica Bank Florida Economic Activity Index increased again in October after turning positive in September. The two-month climb pulls the Florida Index out of a summer stall that was caused, in part, by stagnant housing starts and an increase in unemployment insurance claims. In October, index gains were broad-based with six out of eight index components positive for the month. They were payroll employment, unemployment insurance claims (inverted), housing starts, home prices, sales tax revenues and hotel occupancy. State exports and enplanements were negatives for the month. We expect the Florida economy to continue to expand through early 2017,” said Robert Dye, Chief Economist at Comerica Bank. “Changing monetary and fiscal policies in 2017 are risk factors for the state as mortgage rates increase and the dollar remains strong. However, these downside risks may be mitigated by stronger overall economic performance at the state and national level.”
For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_1216.