DALLAS, June 16, 2011 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index rose one point in April, to a level of 96. The April reading is 13 points, or 16 percent, above the index cyclical low of 83. April marks the highest index level since December 2008. Year-to-date the index has averaged 95, five percent above the average for all of 2010. The March index reading has been revised to a level of 95.
The Texas Economic Activity Index has ticked up one point for six of the last seven months, reaching its highest point in 28 months in April. The April index performed well broadly, with air travel being the only declining index variable. Texas job growth over the first four months of the year remains steady, while higher energy prices have supported increased drilling activity in the state. Texas is well-positioned to outperform the national economy in 2011, which should be confirmed by moderate gains in the index over the course of the year.
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.
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SOURCE Comerica Bank