Comerica Bank’s Florida Economic Activity Index grew in November, up by 2.4 percentage points to a level of 159.3. November’s index reading is 81 points, or 104 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. October’s index reading was 156.9.
“The Comerica Bank Florida Economic Activity Index climbed in November, continuing its upside breakout after stalling through the middle of 2016. Gains were broad-based, with six out of eight index components positive, including nonfarm employment, unemployment insurance claims (inverted), housing starts, home prices, hotel occupancy and enplanements. State exports eased in November, as did sales tax receipts. Job growth in Florida remains well above the national average, registering a 3.2 percent increase in the 12 months ending in November. That has brought Florida’s unemployment rate down in line with the national average. Tight labor markets and the statewide increase in Florida’s minimum wage, to $8.10 an hour, effective January 1, will put some upward pressure on wages this year,” said Robert Dye, Chief Economist at Comerica Bank. “Real estate prices are generally firm, especially in Tampa, where home prices were up 8.1 percent in November from a year earlier.”
For a PDF version of the Florida Economic Activity Index click here: Florida_Index_0117.