DALLAS, Dec. 2, 2015 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index grew in September, increasing 0.3 percentage points to a level of 95.5. September's reading is 23 points, or 31 percent, above the index cyclical low of 72.8. The index averaged 105.2 points for all of 2014, four and nine-tenths points above the average for full-year 2013. August's index reading was 95.2.
"Our Texas Economic Activity Index increased in September, marking its first expansion since October 2014. Six index components were positive or neutral, including an increase in payroll employment. The two negative components were exports and continuing claims for unemployment insurance. The Texas economy continues to feel the drag from oil and related industries. However, labor and housing indicators have mostly remained resilient at the state level," said Robert Dye, Chief Economist at Comerica Bank. "This month's gain does not represent a sea change for the state economy, but does show the strength of the state's economic diversity. We expect economic conditions should stabilize through 2016 as oil and related industries adapt to the new lower price environment, while other industries continue to see a favorable business climate in the state."
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