DALLAS, April 13, 2011/PRNewswire/ --Comerica Bank's Texas Economic Activity Index was unchanged in February after rising one point, to 95, in January. Year-to-date, the index average of 95 is five percent above the average for all of 2010. February's reading is 12 points, or 14 percent, above the cyclical index low of 83.
"Following a four-point increase over the second half of 2010, our index has continued to trend higher in early 2011, reaching its best level since January 2009," said Dana Johnson, Chief Economist at Comerica Bank. "Thus far in 2011, the Texas economy is being propelled forward by growth in nonfarm payrolls, drilling activity, exports, and retail sales. Given this broad-based strength, Texas is well-positioned to outperform the national economy in 2011, which should be confirmed by robust gains in our Texas Economic Activity Index."
The Texas Economic Activity Index equally weights eight, seasonally-adjusted coincident indicators of real economic activity. The eight indicators reflect activity in the manufacturing, travel, and trade sectors, as well as job growth and consumer outlays. The Index levels represent a three-month moving average, used to smooth monthly volatility. The Index is benchmarked so that 2008 equals 100. A complete, revised historical series dating to 1997 is available upon request.
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. banking company headquartered in Texas, and is 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 Dallas, Houston and Austin, 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.