DALLAS, Feb. 27, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index increased by 1.2 percentage points in December, rising to a level of 101.3. The December index reading is 30 points, or 41 percent, above the index cyclical low of 71.7. The index averaged 98 points for all of 2012, eight points above the index average for full-year 2011.
"Our Texas index increased for the fourth consecutive month in December, to its highest point since August 2008. However, index components were mixed in December, with drilling activity continuing to slow down," said Robert Dye, Chief Economist at Comerica Bank. "Downside risks related to further cuts in federal spending could negatively impact the Texas economy in 2013. Housing markets continue to tighten, supporting prices and encouraging builders."
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. commercial bank 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, 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.
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SOURCE Comerica Bank