Bank's index finds strong state growth

Published: Thursday, Jun. 20, 2013 - 12:00 am | Page 6B
Last Modified: Friday, Jun. 21, 2013 - 7:51 am

California's economic expansion is sizable and likely to continue, according to Dallas-based Comerica Bank's California Economic Activity Index.

Comerica said Wednesday that the state index climbed 2.2 points in April, to 106.6. For comparison, the index averaged 101 for all of 2012, and 98 for all of 2011.

April's reading is 34 points, or 47 percent, above the index cyclical low of 72.6.

"Our California Index points to ongoing economic expansion for this key state," said Robert Dye, Comerica's chief economist. "The coincident improvement in labor markets and in housing markets is expected to continue for the remainder of the year."

The California Economic Activity Index is compiled from 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. Data are seasonally adjusted and indexed to a base year of 2008.

Comerica Bank has 105 banking offices in California, including Sacramento.

Call The Bee's Mark Glover, (916) 321-1184.

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