DALLAS, Jan. 27, 2016 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index fell in November, decreasing 0.6 percentage points to a level of 94.1. November's reading is 21 points, or 29 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. October's index reading was 94.7.
"Our Texas Economic Activity Index declined in November, marking two months of declines after improving slightly in September. The Texas index is clearly on a downward trajectory, easing for 12 out of the last 13 months, beginning in November 2014. A look across the components of the index reveals the complexity of the Texas economy. Four out of eight index components fell for the month, and four components increased. State exports, unemployment insurance claims (inverted), rig count and hotel occupancy all declined in November. However, payroll employment, housing starts, house prices and sales tax revenue all increased. Payroll job growth has stepped down from the strong gains we saw in 2013 and 2014, but has remained resilient through late 2015," said Robert Dye, Chief Economist at Comerica Bank. "Job data through December shows four consecutive months of moderate gains. This speaks volumes about the strength of the Texas economy in the face of severe stress in the state's vital oil and natural gas industry."
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