Comerica Bank's Texas Index Cools Again in March
DALLAS, May 31, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index fell slightly in March, declining 0.9 percentage points to a level of 104.2. The March reading is 33 points, or 46 percent, above the index cyclical low of 71.5. The index averaged 102 points for all of 2012, 10 points above the average for full-year 2011.
"Our Texas Index cooled again, reflecting what looks like temporary declines in both residential building permits and state exports. Index components were mixed, with payrolls, sales tax revenues and rig count higher. Exports, hotel occupancy, unemployment insurance claims and building permits weakened in March," said Robert Dye, Chief Economist at Comerica Bank. "I expect the index to regain its upward trajectory soon. Labor markets continue to improve and housing markets are getting tighter across the state."
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 the commercial banking 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