Comerica Bank's Texas Index Advances in September
DALLAS, Dec. 3, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index grew 1.9 percentage points in September to a level of 104.8. The September reading is 33 points, or 46 percent, above the index cyclical low of 71.6. The index averaged 102 points for all of 2012, 10 points above the average for full-year 2011. August's index reading was revised down from 103.4 to 102.9.
"Our Texas Index increased in September after essentially flatlining through most of 2013. Payroll job gains and strengthening residential construction indicators lifted the index in September. The energy accelerator for the Texas economy may be easing, consistent with declining oil prices at year-end and still-low natural gas prices. However, the broad base of the Texas economy continues to benefit from the improving U.S. economy and from strong real estate markets within the state," said Robert Dye, Chief Economist at Comerica Bank. "According to the September Case-Shiller house price data, Dallas house prices were up 9 percent over the previous 12 months. This is below the 20-city average gain of 13.3 percent, reflecting much steadier conditions in Texas through the housing meltdown of 2007-2011."
The Texas Economic Activity 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 a subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. commercial bank 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 136 banking centers in Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville regions 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 find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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SOURCE Comerica Bank