DALLAS, Sept. 23, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index grew in July to a level of 104.0. The July reading is 32 points, or 45 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. June's index reading was revised down to 103.6.
"Our Texas Index ticked up in July, it's first monthly increase since last November. Gains were broad-based, visible in all seven components of the index, indicating that upward momentum will likely continue in the months ahead," said Robert Dye, Chief Economist at Comerica Bank. "The Texas Index has been held back by a declining rig count through 2012 and into early 2013, reflecting low natural gas prices, and by declines in building permits relative to a surge in construction activity last winter. High oil prices have kept the rig count stable through the summer. I expect the Texas economy to continue to show solid growth through the end 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 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