Tag Archives: Comerica

Grant Thornton Business Optimism Index

Comerica Bank’s Arizona Index Up in April

Comerica  Bank’s Arizona Economic Activity Index climbed slightly in April, rising 0.2 percentage points to a level of 95.0. The  April  index  reading  is  23.7 points, or 33 percent, above the index cyclical  low  of 71.3. The index averaged 87.2 points for all of 2012, 8.7 points above the average for full-year 2011.

“Our  Arizona  Index  increased  in  April  reflecting  the  turnaround  in residential  real  estate conditions in the Phoenix area,” said Robert Dye, Chief  Economist  at  Comerica  Bank.  “Home  prices  have  increased  on a month-to-month  basis for 20 consecutive months through this past April. On a  year-ago  basis,  Phoenix  area home prices are up 21.5 percent. That is providing  positive  incentive  for  home  buyers  and builders. It is also increasing  homeowners’  wealth,  which  translates  into  stronger overall consumer  activity.  We  expect  to  see further improvement to the Arizona economy in the months ahead.”

The  Arizona  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 the  Case-Shiller  home  price index.  All data are seasonally adjusted, as necessary,  and  indexed  to  a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.

Comerica   operates   18   full-service   banking  centers  throughout  the Phoenix/Scottsdale area.  In addition to Arizona, Comerica locations can be found in its headquarters state of Texas, as well as in California, Florida and  Michigan, with select businesses operating in several other states, as well  as  in  Canada and Mexico.