Comerica Bank’s Arizona Economic Activity Index grew in October, increasing 0.5 percentage points to a level of 107.6. October’s index reading is 31 points, or 40 percent, above the index cyclical low of 77.0. The index averaged 99.7 points for all of 2014, four and one-fifth points above the average for full-year 2013. September’s index reading was 107.1.
“Our Arizona Economic Activity Index increased again in October after turning positive in September. October performance was strong with seven out of eight index components showing gains. Only state exports were negative for the month. We look for the state’s economy to gradually build momentum through 2016, supported by tourism, retirement relocations and West Coast businesses looking for lower-cost locations. Phoenix house prices were up 5.7 percent in October over the previous 12 months, a little better than the U.S. average according to the Case-Shiller data,” said Robert Dye, Chief Economist at Comerica Bank. “We expect gasoline prices to remain low through 2016, helping Arizona households and supporting the state’s important tourism industry.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_1215.