DALLAS, Aug. 2, 2012 /PRNewswire/ -- Comerica Bank's Arizona Economic Activity Index fell 0.3 points in May to a reading of 85.2. The May reading is 14 points, or 20 percent, above the index cyclical low of 71.0.  Year-to-date the index has averaged 84 points, six points above the average for all of 2011.

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"After reaching its highest point since December 2008 in April, the Arizona activity index dipped a minor 0.3 percentage points in May. Job growth in Arizona is now outpacing that of the nation, and Phoenix home prices are up consistently from year-end 2011," said Robert Dye, Chief Economist at Comerica Bank. "The recovery in local housing markets remains susceptible to downside risks from a cooler U.S. economy, however, it is very encouraging to see the housing industry climbing out of depression, and that climb is helping to strengthen the statewide economy."

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. Follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.

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SOURCE Comerica Bank