Comerica Bank's Texas Index Expands in November
DALLAS, Jan. 21, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index increased 2.4 percentage points in November to a level of 109.9. The November reading is 38 points, or 53 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. October's index reading was 107.5.
"Our Texas Index increased in October and November reflecting the solid economic conditions seen across most regions and most sectors of the state's economy. Payroll job growth continues to outpace the national average, up 2.5 percent in November over the previous 12 months," said Robert Dye, Chief Economist at Comerica Bank. "We are starting to see the large performance gap between Texas and the national average data converge slightly. This is to be expected as the push from the energy sector normalizes and the rest of the U.S. economy shows stronger and consistent growth. We expect Texas to continue to be an economic leader for the U.S in 2014."
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