Comerica Bank’s Arizona Economic Activity Index rose 0.8 percentage points in April to a level of 113.0. April’s index reading is 36 points, or 47 percent, above the index cyclical low of 77.0. The index averaged 110.3 points for all of 2016, three and one-half points above the average for 2015. March’s index reading was 112.2.
“The Comerica Bank Arizona Economic Activity Index increased in April after dipping in March. Gains in April were broad-based with seven out of eight index components positive. They were nonfarm employment, state exports, unemployment insurance claims (inverted), housing starts, house prices, hotel occupancy and enplanements. Only state sales tax revenues eased in April. Job growth has been choppy since the end of 2016, but it is still above the U.S. average, up 1.9 percent for the year ending in April,” said Robert Dye, Chief Economist at Comerica Bank. “The weak peso relative to the dollar has hurt trade with Mexico and cross-border retail sales for Arizona merchants. This year the peso has been gaining strength, which is a positive for the Arizona economy.”
For a PDF version of the complete Arizona Economic Outlook, click here: Arizona_Index_0617.