Comerica Bank’s Florida Economic Activity Index grew in January, up by 1.7 percentage points to a level of 163.8. January’s index reading is 86 points, or 110 percent, above the index cyclical low of 78.1. The index averaged 155.3 in 2016, seventeen and one-tenth points above the average for all of 2015. December’s index reading was 162.1.
“The Comerica Bank Florida Economic Activity Index climbed for the fifth consecutive month in January. Five index components were positive for the month, including nonfarm payrolls, state exports, unemployment insurance claims (inverted), housing starts and home prices. State sales tax revenue eased, as did hotel occupancy. Airport enplanements were unchanged. According to the State of Florida, overseas visitation to the state was down by 2.6 percent in 2016, including a large drop in visitors from Brazil. There is concern that tighter border controls could weigh on international visitation in 2017,” said Robert Dye, Chief Economist at Comerica Bank. “After increasing through the second half of 2016, the value of the dollar has been stable to down over the past three months, good news for Florida tourism.”
For a PDF version of the Florida Economic Activity Index click here: Florida_Index_0317.