DETROIT, Dec. 10 /PRNewswire-FirstCall/ -- The Michigan Tourism Index compiled by Comerica Bank increased 1.1 percent between the second and third quarters of 2007, matching the gain recorded in the previous quarter. However, even after these consecutive up ticks, the index so far this year has averaged about 2% less than its average for all of 2006.
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"Some relief in gasoline prices and the appreciation of the Canadian Dollar appears to have helped give Michigan tourism a bit of a boost in the third quarter," said Dana Johnson, Chief Economist at Comerica Bank. "With national growth slowing in reaction to the credit crunch, higher energy prices, and slumping home prices, my fear is that Michigan tourism will suffer this winter, as both businesses and households pare their travel budgets."
% Chg. 2007Q3From
2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q2 2006Q3
Tourism Index 115.9 120.5 115.2 116.5 117.8 +1.1 +1.6
Occupancy Rate 96.9 95.1 96.2 96.9 98.3 +1.4 +1.4
Airline Traffic 159.8 165.7 162.1 157.2 154.5 -1.7 -3.3
Vehicular Traffic 99.6 101.3 98.7 96.5 94.2 -2.3 -5.4
Mackinac Crossings 115.0 123.4 121.3 119.4 118.1 -1.1 +2.7
Museum 108.3 117.2 97.8 112.4 124.0 +10.3 +14.5
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 Incorporated is a financial services company, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. To receive this index directly to your email inbox, go to http://www.comerica.com/econsubscribe to subscribe.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: Dana Johnson, Senior Vice-President and Chief Economist of
Comerica Bank, +1-214-828-5970
Web site: http://www.comerica.com/
