Florida’s economy up in August
Comerica Bank’s Florida Economic Activity Index rose 0.9 percentage points in August, to a level of 108.5 The August index reading is 28 points, or 35 percent, above the index cyclical low of 80.6. Year- to- date the index has averaged 108, nine points above the average for all of 2011.
Although our Index increased in August, it has essentially trended sideways for the last three months, moving within a narrow range, said Robert Dye, Chief Economist at Comerica Bank.
Following a flat July, the August index improved marginally, as most index components improved. However, job growth remains weak, and many of the state’s real estate markets have exposure to the slumping European economy. These headwinds could hamper Florida’s economic growth over the remainder of the year. The Florida Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and airline passenger deplanements.