Comerica Bank's Texas Index Cooled in January
DALLAS, March 25, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index decreased 0.9 percentage points in January to a level of 110.2. The January reading is 39 points, or 54 percent, above the index cyclical low of 71.6. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. December's index reading was unchanged at 111.1.
"Our Texas Index cooled slightly in January, due to volatility in residential buildings permits. Permits from November through January eased after spiking last October. The overall trend in residential building permits still looks good, reflecting the strong Texas economy," said Robert Dye, Chief Economist at Comerica Bank. "Most other components of our Texas index were positive in January, including payroll job growth and the drilling rig count. After some winter-weather-related drag, the broader U.S. economy is improving and this will be a positive for Texas this spring."
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.
SOURCE Comerica Bank