DALLAS, April 26, 2017 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index ticked up by 1.9 percentage points in February to a level of 95.0. February's index reading is 22 points, or 30 percent, above the index cyclical low of 72.8. The index averaged 91.3 points for all of 2016, six and one-tenth points below the average for full-year 2015. January's index reading was 93.1.
"The Comerica Bank Texas Economic Activity Index increased for the sixth consecutive month in February. Oil producers continue to gain efficiencies with new technology and practices and that is adding support to the state's important energy sector, even with crude oil prices near $50 per barrel and likely to remain subdued for some time. Seven out of eight index components were positive in February, including nonfarm payrolls, state exports, unemployment insurance claims (inverted), housing starts, rig count, house prices and state sales tax revenues. The broad base of positive indicators is encouraging news for Texas. Only the hotel occupancy sub-index dipped for the month," said Robert Dye, Chief Economist at Comerica Bank. "Job growth cooled through February and March but we expect to see a turnaround in the April data, supporting our positive outlook for Texas."
The Texas Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, house prices, and the 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 a local banking center network throughout Dallas-Fort Worth, Houston, Austin, San Antonio and Kerrville, 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.
SOURCE Comerica Bank