Comerica Bank's Texas Index Unchanged in June
DALLAS, Aug. 28, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index was unchanged in June, remaining at a level of 103.7. The June 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. May's index reading was revised up to 103.7.
"Our Texas Index has been essentially unchanged over the four months from March through June of this year. Payroll employment continues to trend upward, and that is good news, but other components of our Texas Index, such as the drilling rig count, have stabilized. Also, we are seeing some volatility in residential construction data, and that has been a negative factor in May and June," said Robert Dye, Chief Economist at Comerica Bank. "July payroll data for Texas, which does not appear in our June index, was positive, suggesting that our Texas Index will resume its upward track in the second half of the 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