Detroit Regional Economy Stronger in August
Comerica Bank's Detroit Area Business Activity Index
Sep 28, 2005
DETROIT, Sept. 28 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index rose 3 points in August to a level of 115. The August reading is at the upper end of the range seen in 2005 and equals the average for 2004. Thus far this year, the Detroit index has averaged about 2 1/2 percent less than in 2004.
"It was great to see activity in the Detroit area accelerate along with the national economy this summer," according to Dana Johnson, chief economist at Comerica Bank. "Looking at the components of our index, the improvement in the local economy was broadly based over the past three months. Looking ahead, the key question is how much that momentum will slow in reaction to surging energy prices and ongoing consolidation in the auto industry."
Comerica Bank compiles the Detroit Area Business Activity Index (DABAI) monthly from eight different measures of regional activity which are seasonally adjusted, corrected for inflation, and expressed as an index, with 1996 as base year equal to 100. The Economics Department of Comerica Bank has calculated the DABAI monthly since 1957, depicting Metro-Detroit's economy over seven full swings of the U.S. business cycle.
Comerica Bank, the largest bank in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA). Headquartered in Detroit, Comerica is strategically aligned by the Business Bank, Small Business Banking & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $54.7 billion at June 30, 2005.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
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SOURCE: Comerica Bank
Web site: http://www.comerica.com/