DALLAS, Aug. 26, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index grew 1.1 percentage points in June to a level of 111.9. June's reading is 40 points, or 56 percent, above the index cyclical low of 71.7. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. May's index reading was unchanged at 110.8.
"Our Texas Index improved again in June, up 9 out of the last 10 months. Steady gains in our Texas Index highlight the remarkable period of economic expansion that Texas is now enjoying. Payroll employment in Texas has increased for 46 consecutive months through this July. Strong job growth is driving in-migration to Texas, which in turn drives more job growth," said Robert Dye, Chief Economist at Comerica Bank. "Drilling rig counts eased slightly into mid-summer. Crude oil prices have given up some ground with improving global supply, some ease in geo-political tensions and downgraded expectations for the Eurozone demand."
The Texas Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits and 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 135 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