DALLAS, March 2, 2011 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index rose two points in December on a seasonally adjusted basis, to a level of 94. The December reading appears to be a break-out for the Index, after it fluctuated between 90 and 92 for eight months. December's level is 11 points, or 13 percent, above the cyclical Index low of 83. The Index averaged 90 for all of 2010, four points above the average for all of 2009.
"After surging in early 2010, our Index trended sideways over the second-half of the year before it ended the year with a two-point breakout," said Dana Johnson, Chief Economist at Comerica Bank. "While that profile broadly paralleled trends in the national economy, Texas grew more strongly than the nation in 2010. Looking ahead to 2011, I expect Texas to continue to outperform the national economy, which should be confirmed by a robust improvement in our Texas Economic Activity Index."
As of this release, 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 banking company headquartered in Texas, and 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