DALLAS, May 24, 2012 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index increased one point in March, rising to a level of 97.0. The March index reading is 25 points, or 35 percent, above the index cyclical low of 71.7. The index averaged 96 points in the first quarter of 2012, six points above the index average for all of 2011.
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"The Texas economy is showing strong growth through early 2012, driven by a vigorous energy sector and improving manufacturing conditions. Job growth remains well above the national average and the state unemployment rate is well below average, at 7.0 percent for March," said Robert Dye, Chief Economist at Comerica Bank. "Natural gas prices are very low, weighing on some drilling activity, but energy remains a vital force in the state economy. Strength in energy and manufacturing is spilling over into the service sector, providing a broad basis for ongoing economic growth."
The Texas Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits and Baker Hughes rotary rig count. All data are seasonally adjusted, as necessary, 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 is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. banking company headquartered in Texas, 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 Dallas/Fort Worth, Houston, Austin and the San Antonio region of 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 and Mexico.
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SOURCE Comerica Bank
