DETROIT, May 18 /PRNewswire-FirstCall/ -- The Michigan Tourism Index compiled by Comerica Bank decreased 4 percent between the fourth quarter 2006 and first quarter of 2007. The first quarter index, at 116.8, was down 2.4 percent from a year earlier.
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"The downward drift in our tourism index since mid 2003 reflects the overall weakness of the Michigan economy," said Dana Johnson, Chief Economist at Comerica Bank. "The majority of the money spent on travel and entertainment is by residents of the state. Many of our citizens have chosen to cut back on travel, given the back drop of job losses, weak income gains, and sky high energy costs."
% Chg. 2007Q1 From
2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2006Q4 2006Q1
Tourism Index 119.7 118.7 115.9 121.0 116.8 -3.5 -2.4
Occupancy Rate 99.1 96.2 97.2 95.1 96.5 +1.5 -2.6
Airline Traffic 163.3 162.4 159.3 166.4 169.7 +2.0 +3.9
Vehicular Traffic 108.2 107.1 98.5 101.4 99.0 -2.3 -8.5
Mackinac Crossings 126.7 124.6 113.9 123.3 121.9 -1.1 -3.8
Museum 101.1 103.3 110.6 118.9 96.9 -18.5 -4.2
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 (NYSE: CMA) 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, +1-734-930-2401
Web site: http://www.comerica.com/
