DALLAS, Feb. 17 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Tourism Index fell six points to 87 in the fourth quarter of 2008. The third quarter level was revised to 93, down one point from the preliminary estimate. The fourth quarter level marks our index's lowest reading in 16 years. Over the four quarters of 2008, our index declined 11 percent, similar to the 12 percent decline recorded in the 2001 recession.
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"Similar to so many other measures of economic activity, the decline in our tourism index accelerated markedly in late 2008," said Dana Johnson, Chief Economist at Comerica Bank. "With the national and state economy still clearly contracting in early 2009, further declines in the Michigan Tourism index seem inevitable, as households and businesses cut back on discretionary travel. By midyear, however, declines in tourism are likely to become less severe, as recessionary pressures begin to moderate."
The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity. Historical index levels are available upon request.
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 $67.5 billion as of December 31, 2008.
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