DALLAS, March 7, 2012 /PRNewswire/ -- Comerica
Bank's Texas Economic Activity Index rose one point in December, to
a level of 93. December's reading is 21 points, or 29
percent, above the index cyclical low of 72. The Texas index averaged 90 points for all of
2011, compared to the 2010 average of 80.
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"After a solid start to 2011, our Texas Economic Activity Index
flattened out late in the year. For December we see an uptick in
the index reflecting stronger state export data and improved
residential construction activity. Looking ahead, I expect to see
ongoing gains to the Texas index
through 2012, driven by broad-based job growth, strong energy
markets, and private-sector construction," said Robert Dye, Chief Economist at Comerica Bank.
"Drags from caps and cuts in federal spending and the American
Airlines bankruptcy will not be enough to derail a vigorous state
economy. I expect the Texas
economy to remain strong in 2012."
As of this release, the Texas Economic Activity Index has been
reconfigured to more accurately reflect inflection points in the
business cycle. The revised Texas Index consists of seven
variables, as follows: nonfarm payrolls, exports, sales tax
revenues, hotel occupancy rates, continuing claims for unemployment
insurance, building permits and Baker Hughes rotary rig count. 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 is the commercial banking subsidiary of Comerica
Incorporated (NYSE: CMA), the largest U.S. banking company
headquartered in Texas,
strategically aligned by three business segments: The Business
Bank, The Retail Bank, and Wealth Management. Comerica focuses on
relationships, and helping people and businesses be successful. In
addition to Dallas/Fort Worth,
Houston, Austin and the San
Antonio region of Texas,
Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico.
To receive this index directly to your email inbox, go to
www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank