DALLAS, April 28 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Tourism Index fell four points in the first quarter of 2010, to a level of 91. The current reading is up four points, or 5 percent, from the cyclical Index low of 87. The first quarter Index is up one point from the average for 2009. Fourth quarter 2009's reading was revised from a level of 94 to 95.
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"Our Index fell in the first quarter, paying back some of the unexpectedly large surge in fourth quarter's Index," said Dana Johnson, Chief Economist at Comerica Bank. "Air travel, bridge traffic flows and museum activity were particularly hard hit, with little help from other sources of tourism activity. Although the Index is down from recent highs, the generally improving trend reflected in the Index should be maintained over the course of the year, as personal and business discretionary spending continue to improve."
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.
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 and Mexico.
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SOURCE Comerica Bank
