DALLAS, Feb. 25, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in December, increasing 0.4 percentage points to a level of 120.0. December's reading is 46 points, or 62 percent, above the index cyclical low of 73.8. The index averaged 117.3 points for all of 2014, three and one-tenth points above the index average for 2013. November's index reading was 119.6.
"Our Michigan Economic Activity Index increased again in December, following a small increase in November. These two monthly gains put the Michigan Index back on an upward track after a one-month decline last October. Going forward we anticipate only limited gains from auto production driving the Michigan economy in 2015. However, we expect to see more improvement in housing markets, both in terms of residential construction and also in terms of house price gains in 2015," said Robert Dye, Chief Economist at Comerica Bank. "Labor market conditions will continue to improve in 2015, providing a broadening base of support for the Michigan economy."
The Michigan Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and auto production. All data are seasonally adjusted, 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, with 214 banking centers in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and 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 Michigan and Texas, Comerica Bank locations can be found in Arizona, California, and Florida, 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
