DALLAS, Oct. 28, 2015 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index eased in August, decreasing 0.4 percentage points to a level of 95.2. August's reading is 22 points, or 31 percent, above the index cyclical low of 72.8. The index averaged 105.2 points for all of 2014, four and four-fifths points above the average for full-year 2013. July's index reading was 95.5.
"Our Texas Economic Activity Index declined again in August, its 10th consecutive monthly decline. The state economy is feeling the drag from reduced oil field activity and we expect the oil business to remain stressed through the remainder of this year. However, increased economic diversity is also part of the story for Texas, and we still see net positive job creation for the state despite the drag from lower oil prices. Housing starts and house prices are also holding up statewide, although there are signs of weakness in some areas," said Robert Dye, Chief Economist at Comerica Bank. "The rate of decline in our Texas Economic Activity Index has clearly eased. We look for more stable conditions for the state economy as we progress through 2016."
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, home 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 133 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