MICHIGAN — More good economic news for the state: The most recent Comerica Bank Michigan Economic Activity Index showed the state’s economy surged in July.
The index jumped 5.9 points from May levels to a level of 107.9, the index’s highest point in almost a decade. The index has averaged 103 points so far in 2012, 12 points above the index average for all of 2011.
Comerica Bank Chief Economist Robert Dye said the surge in the index can be partially attributed to the increase in vehicle sales, which continued to levels in August of 14.5 million unit rates. As well, job creation accelerated in July, and housing sales and prices also marked improvement, Dye said.
The index is composed of seven seasonally adjusted factors: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, unemployment insurance claims, building permits and motor vehicle production. The index is normed to the base year of 2004.