DALLAS, May 15 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Tourism Index rose one point, to 88, in the first quarter of 2009. The first quarter level marks a small increase from the Index's lowest reading in 16 years. Compared to first quarter 2008, the Index has declined 7 points. The first quarter 2009 reading is 5 points below the average for all of 2008. The fourth quarter 2008 level remains unrevised at a level of 87.
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"It's encouraging to see a bit of an uptick in our index in the first quarter, but the broader message is that activity in the travel industry remained badly depressed," said Dana Johnson, Chief Economist at Comerica Bank. "Given the discretionary nature of both business and personal travel, our Tourism Index will probably languish for several more quarters, recovering more slowly than either the national or Michigan economies."
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 (NYSE: CMA) 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 $67.4 billion as of March 31, 2009.
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