Arizona Economy Expands In November, Reports Comerica Bank's Arizona Economic Activity Index

Thu Jan 31, 2013 3:02pm EST

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DALLAS,  Jan. 31, 2013  /PRNewswire/ -- Comerica Bank's Arizona Economic
Activity Index rose by 0.4 percentage points in November, rising to a level of
89.9. The October index reading is 19 points, or 27 percent, above the index
cyclical low of 71.0. Year-to-date the index has averaged 86 points, eight
points above the average for all of 2011. October's index reading was unrevised.

(Logo:  http://photos.prnewswire.com/prnh/20010807/CMALOGO)

"Our Arizona Economic Activity Index has now increased each of the past six
months, up 4.4 points since May. Job gains in  Arizona  continue to outpace
those of the nation.  Arizona  payroll employment was up 2.6 percent in November
from a year ago.  Phoenix  area home prices have increased each of the last 14
months through November, and home construction in the area is picking up, as
well," said  Robert Dye, Chief Economist at Comerica Bank. "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. To find Comerica on Facebook, please visit 
www.facebook.com/ComericaCares.

To receive this index directly to your email inbox, go to 
www.comerica.com/econsubscribe  to subscribe. Follow us on Twitter
@Comerica_Econ.

SOURCE  Comerica Bank


Media, Robert Dye, +1-214-462-6839, radye@comerica.com or Data, Meaghan Derrick,
+1-214-462-6815, maderrick@comerica.com

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