Texas Index Dips in February
DALLAS, April 25, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index fell slightly in February, declining 0.2 percentage points to a level of 105.5. The February reading is 34 points, or 48 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. January's index reading was revised up to 105.7.
"Our Texas Index declined slightly again in February after a similar dip in January. Index components were mixed, with payrolls and drilling rig count higher. Exports, sales tax revenues, hotel occupancy, inverted unemployment claims and residential building permits all dipped in February," said Robert Dye, Chief Economist at Comerica Bank. "Job creation remains a strong positive for the state and will help to support other components of the index going forward."
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 137 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