DETROIT, Jan. 25 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index was unchanged in December, holding at a level of 111. For the year, the index averaged 112, down 2 1/2 percent from the average for 2004.
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"The regional economy appeared to be at a stand still at year end," according to Dana Johnson, chief economist at Comerica Bank. "A mild upswing this summer was halted by cuts in the auto sector, elevated energy prices, and rising short-term interest rates. The Super Bowl should be a great event for Detroit, but it won't prevent the local economy from continuing to lag in 2006."
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, Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $53.0 billion at December 31, 2005.
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SOURCE: Comerica Bank
CONTACT: Media: Dana Johnson, Senior Vice President & Chief Economist of
Comerica Bank, +1-734-930-2401, +1-800-895-7708
Web site: http://www.comerica.com/
