DALLAS, Sept. 23, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index took a breather in July, declining 0.7 percentage points to a level of 111.2. July's reading is 39 points, or 55 percent, above the index cyclical low of 71.8. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. June's index reading was unchanged at 111.9.
"Our Texas Index eased in July reflecting cooler residential building permits after a surge last April. This pattern in residential building permits, and the associated drag on the headline index, is not unique to Texas. We see it in other states as well. Most other components of our Texas Index are showing gains consistent with an improving overall state economy," said Robert Dye, Chief Economist at Comerica Bank. "Payroll employment growth in Texas, through the first eight months of the year, has averaged about 37,000 jobs per month, enough to show a 3.5 percent year-over-year gain, well ahead of the U.S. average of 1.8 percent. We expect to see ongoing gains in our Texas Index this fall."
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 a 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 135 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
