DALLAS, Jan. 27 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Tourism Index jumped six points in the fourth quarter of 2009, to a level of 94. The current reading is up seven points from the Index's cyclical low of 87, and marks the highest Index level since the second quarter of 2008. The Index averaged 90 over the course of 2009, down two points from the 2008 average. Third quarter 2009's reading was revised from 89 to a level of 88.
"After dipping slightly in the third quarter of 2009, our Index has resumed the upward trend established over the first half of 2009," said Dana Johnson, Chief Economist at Comerica Bank. "Given that the fourth quarter surge in our Index was not broad-based, it is quite possible that the Index will pull back from its current reading in the first quarter of 2010. As trends in personal and business travel continue to improve, the generally upward trend already in place should continue over the course of 2010."
The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 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. Comerica reported total assets of $59.3 billion as of December 31, 2009.
To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank