Comerica Bank’s California Economic Activity Index increased in April by 2.2 points to 106.6, said Dallas-based Comerica, which has 15 offices in San Diego County.
The index averaged 101 points for all of last year, which was 3 points above the average for all of 2011.
Robert Dye, Comerica Bank’s chief economist, said the uptick in the state’s index points to the ongoing economic expansion occurring here. “The coincident improvement in labor markets and in housing markets is expected to continue for the remainder of the year,” Dye said.
The index consists of eight variables: nonfarm payrolls, exports, sales tax revenue, hotel occupancy rates, continuing claims for unemployment insurance, building permits, the Baker Hughes rotary rig count, and the Silicon Valley 150 Index. All the data is seasonally adjusted and indexed to a base year of 2008.
— SDBJ Staff Report