DALLAS, July 29, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index advanced 1.7 percentage points in May to a level of 110.8. May's reading is 39 points, or 55 percent, above the index cyclical low of 71.7. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. April's index reading was revised slightly down to 109.1.
"Our Texas Index climbed again in May, driven by ongoing strong job creation, export growth and tax revenues. Energy prices remain supportive of elevated drilling activity. The drilling rig count for Texas remains high after climbing significantly this spring. The slight relaxation of the decades-old ban on crude oil exports to allow for condensate exports is a small positive for the state's economy," said Robert Dye, Chief Economist at Comerica Bank. "Demographic momentum is strong and will continue to fuel construction activity. We expect to see robust gains in the Texas economy through the second half of this year."
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 135 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.
SOURCE Comerica Bank