DALLAS, Aug. 28, 2012 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index declined by 0.4 points in June, to a level of 98.5. The June index reading is 27 points, or 37 percent, above the index cyclical low of 71.7. The index has averaged 97 points so far in 2012, seven points above the index average for all of 2011.
"Following a nearly 1.5 percent surge in May, our Texas Economic Activity Index reset itself slightly lower in June," said Robert Dye, Chief Economist at Comerica Bank. "Drilling activity remains strong, and the rate of overall job creation remains well above the national average. Manufacturing conditions are also solid, supporting gains in the service sector. Housing is gaining momentum, as new and existing home sales increase and prices firm up. Construction activity has flattened out recently, but should reaccelerate through year-end to meet growing 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 the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. banking company 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 140 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. Follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.