DALLAS, Oct. 27, 2016 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index was down just 0.1 percentage points in August to a level of 90.3. August's reading is 18 points, or 24 percent, above the index cyclical low of 72.8. The index averaged 97.5 points for all of 2015, seven and three-fifths points below the average for full-year 2014. July's index reading was 90.4.
"The Comerica Bank Texas Economic Activity Index was essentially unchanged in August, easing by one-tenth of a point. We expect the index to level out in the months ahead and then resume an improving track, reflecting signs of stability in oil field activity and ongoing job creation statewide. The last 22 months have been ugly as the index fell 20 times. The drilling rig count for Texas began turning over after the November 2014 high of 904 active rigs. May 2016 was the low point at 179 rigs. Since last May the monthly count has increased to 244, as of September. Fortunately, during the tough times in the energy sector, Texas continued to add jobs on a net basis, with only two months of net job losses in the last two years, March 2015 and March 2016," said Robert Dye, Chief Economist at Comerica Bank. "The resiliency of its diversified economy has served Texas well. We look for an improving state economy in 2017."
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 131 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.
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SOURCE Comerica Bank