DALLAS, Feb. 27, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index grew 1.2 percentage points in December to a level of 111.1. The December reading is 40 points, or 55 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. November's index reading was unchanged at 109.9.
"Our Texas Index showed its fourth consecutive increase in December, extending the breakout from flat early-2013 results. Payroll job growth continued to outpace the national average at the end of 2013, up 2.3 percent for the state, well above the 1.7 percent gain for the U.S. as a whole," said Robert Dye, Chief Economist at Comerica Bank. "Besides payroll job growth, other components of our Texas Index that showed growth in December were state sales tax, hotel occupancy, residential building permits and the rig count. Negative components were limited to state exports and unemployment insurance claims. Texas will feel some secondary effects of the winter freeze affecting the broader U.S. economy, but we expect 2014 to be another strong year for the Texas economy."
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