Michigan Tourism Slows Further, Reports Comerica Bank
Nov 7, 2005
DETROIT, Nov. 7 /PRNewswire-FirstCall/ -- The Michigan Tourism Index compiled by Detroit-based Comerica Bank decreased 3 percent between second quarter 2005 and third quarter 2005 after falling 4 percent over the previous quarter. Even so, the third quarter index, at 117.6, is up 4 percent from a year earlier.
"Surging gas prices and continued softness in the local economy undercut tourism activity this fall," said Dana Johnson, chief economist at Comerica Bank. "With gasoline prices well off their peaks, tourism might hold up better this winter, but sky-high heating costs could force some households to curtail their travel."
% Chg. 2005Q3 From 2004Q3 2004Q4 2005Q1 2005Q2 2005Q3 2005Q2 2004Q3 Tourism Index 112.9 119.6 126.8 121.6 117.6 -3.3 +4.1 Occupancy Index 92.5 123.6 119.1 113.3 103.3 -8.9 +11.6 Airline Traffic 163.2 163.3 168.2 168.9 167.3 -0.9 +2.5 Vehicular Traffic 107.5 106.7 105.8 106.0 104.7 -1.2 -2.6 Mackinac Crossings 128.0 132.1 133.1 126.7 117.2 -7.6 -8.5 Museum 73.5 72.3 107.7 93.3 95.5 +2.4 +30.0
The Michigan Tourism Index is a quarterly summary of five seasonally- adjusted travel and lodging data series which serve as a proxy for statewide tourism activity. Prior levels for the index were revised this quarter to incorporate our annual revisions to seasonal factors.
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 $54.3 billion at September 30, 2005.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
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SOURCE: Comerica Bank
CONTACT: Dana Johnson, Senior Vice President and Chief Economist of
Comerica Bank, +1-734-930-2401
Web site: http://www.comerica.com/