DETROIT, March 31 /PRNewswire-FirstCall/ -- The Michigan Tourism Index compiled by Comerica Bank decreased 2.4 percent between the third and fourth quarters of 2007. The fourth quarter index, at 114.7, is down 4.6 percent from a year earlier and was the lowest reading in 4 1/2 years.
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"Against the background of ongoing recession in Michigan and elevated energy prices, it is no surprise that our tourism index continues to move lower," said Dana Johnson, Chief Economist at Comerica Bank. "With the national economy now headed into recession, I expect further declines for our index in upcoming quarters. However, tourism should hold up better than it did during the 2001 recession. The 9/11 attack clearly had a big negative impact on air travel in that instance."
% Chg. 2007Q4 From
2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2007Q3 2006Q4
Tourism Index 120.3 115.5 116.8 117.5 114.7 -2.4 -4.6
Occupancy Rate 95.2 96.2 96.7 98.3 96.5 -1.8 +1.4
Airline Traffic 165.2 162.5 157.8 153.9 154.1 +0.1 -6.7
Vehicular Traffic 101.2 98.9 96.5 94.1 97.6 +3.7 -3.5
Mackinac Crossings 123.0 121.5 119.3 118.2 120.2 +1.7 -2.3
Museum 116.8 98.2 113.4 123.2 105.1 -14.7 -10.0
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 Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 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, China and Mexico. Comerica reported total assets of $62.3 billion at December 31, 2007. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts. 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,
Comerica Bank, +1-214-828-5970
Web site: http://www.comerica.com/
http://www.comerica.com/newsalerts
