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Comerica: Florida's economy strengthened in March

By Palm Beach Business.com

DELRAY BEACH —  Comerica Bank's Florida Economic Activity Index, released Wednesday, rose four points in March to a reading of 109.5 boosted by an improving housing market and increasing tourism.

The Comerica index averaged 107 in the first quarter of 2012, eight points above the index average for all of 2011.

"Florida is gaining economic momentum … . Real estate conditions are gradually firming, as buyers take advantage of the very high affordability in residential markets," Comerica Chief Economist Robert Dye said. "Tourism activity is picking up and that is helping to stabilize the state economy.

“However, cuts in federal spending are dragging on the Florida economy as the space shuttle program fades into the history books. A weaker global macroeconomic environment may limit international interest in Florida real estate this year."

The Florida Economic Activity Index is based on nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and airline passenger deplanements. 

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.