In February, single-unit permits, which measure new home construction, rose by 2.6 percent over the value last February. Retail sales fell, by 1.8 percent, a decline that Lardaro reports is good since U.S. consumer sentiment remained weak, falling by 8 percent compared with last February.

The CCI ranges from 0, when none of the indicators improves compared to the levels from a year earlier, to 100, when all 12 show improvement. Values above 50 indicate that the Rhode Island economy is expanding, while values below 50 are indicative of contraction.

The index has been as low as 8, in April 1991, as the state’s banking crisis, a recession and major defense cutbacks took their toll on the economy, according to Lardaro’s Web site. The index reached a high of 100 on several occasions in 1984 and 1986.