DETROIT, Aug. 9 /PRNewswire-FirstCall/ -- The Michigan Tourism Index compiled by Comerica Bank increased 1 percent between the first and second quarters of 2007. The second quarter index, at 116.5, was down 2.1 percent from a year earlier.
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"Reflecting the ongoing weakness of the local economy, our tourism index has been in a downtrend for four years," said Dana Johnson, Chief Economist at Comerica Bank. "The painfully high level of gasoline prices appears to be playing a major role in the recent weakness. One bright spot, however, is the appreciation of the Canadian dollar, which is definitely making Michigan resorts more of a bargain for residents of Canada."
% Chg. 2007Q2 From
2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q1 2006Q2
Tourism Index 119.1 115.8 120.7 115.3 116.5 +1.1 -2.1
Occupancy Rate 96.3 97.1 95.2 96.5 96.5 +0.0 +0.2
Airline Traffic 162.9 159.3 165.7 162.2 158.1 -2.5 -3.0
Vehicular
Traffic 106.9 98.7 101.5 98.8 97.1 -1.8 -9.2
Mackinac
Crossings 124.6 114.0 123.4 121.8 119.9 -1.6 -3.7
Museum 104.7 110.1 117.6 97.0 111.0 +14.4 +6.1
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/
