Tom Henderson| Crain’s Detroit Business
Comerica Bank’s Michigan Economic Activity Index climbed two points in June to 105.9, the highest level for the index since December 2002, and 46 points, or 77 percent, above the cyclical low of 59.9 hit several times in 2009.
The index has averaged 102 points this year, 11 points above the average last year.
“The Michigan economy pushed further ahead in June,” said Robert Dye, the bank’s chief economist, in a news release. “The rate of job creation has slowed over the first two quarters of the year as U.S. auto sales have plateaued, but outside of durable goods manufacturing, we are seeing ongoing gains.
“Housing markets statewide are improving as sales and prices increase. New home construction remains low, but is expected to increase to meet pent-up demand,” he said.
The index tracks nonfarm payrolls, exports, sales-tax revenue, hotel occupancy rates, continuing claims for unemployment insurance, building permits and motor vehicle production. The data are seasonally adjusted.