DALLAS, June 19, 2012 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index rose half of a percentage point in April, to a level of 97.5. The April index reading is 26 points, or 36 percent, above the index cyclical low. The index has averaged 96 points in 2012, six points above the index average for all of 2011.
"Texas continues to exhibit robust economic growth, as shown in the half point index increase in April," said Robert Dye, Chief Economist at Comerica Bank. "Despite low natural gas prices, Texas drilling activity remains vigorous, with the state's energy sector driving robust job gains. Strength in energy and manufacturing is boosting the service sector, providing a broad basis for ongoing economic growth."
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 139 banking centers in Dallas/Fort Worth, Houston, Austin and the San Antonio region 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.
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SOURCE Comerica Bank