DALLAS, Nov. 3, 2014 /PRNewswire/ -- Comerica Bank's California Economic Activity Index grew in August, climbing 1.2 percentage points to a level of 114.6. August's reading is 31 points, or 37 percent, above the index cyclical low of 83.8. The index averaged 106.2 points for all of 2013, five and one-half points above the average for all of 2012. July's index reading was 113.4.

"Our California Economic Activity Index increased again in August, propelled by improvements in labor market conditions. Both payroll jobs and continuing claims for unemployment insurance improved at the end of summer. Housing market activity remains strong as shown by increasing housing starts. However, house price growth eased over the summer. Los Angeles, San Diego and San Francisco have all shown flat to slightly declining prices in late summer, but we expect prices to stabilize and then increase through 2015," said Robert Dye, Chief Economist at Comerica Bank. "Lower gasoline prices, improving consumer confidence, job creation and easing credit conditions are all positives for the California housing market."

With this edition of the California Economic Activity Index, we are rolling out a new methodology. Therefore, historical values of our index may be different from earlier editions. The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, national defense spending, home prices, and the NASDAQ-100-Technology Sector Index (NDXT). 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 Bank, with 104 banking centers in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, Santa Cruz/Monterey, and the Inland Empire, is a subsidiary of Comerica Incorporated (NYSE: CMA). Comerica is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth Management. Comerica focuses on relationships and helping businesses and people be successful. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.

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SOURCE Comerica Bank