DALLAS, July 20, 2011 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index rose one point in May, to a level of 97. The May reading is 14 points, or 17 percent, above the index cyclical low of 83. May marks the highest index level since December 2008. Year-to-date the index has averaged 95, five points above the average for all of 2010.
"The Texas Economic Activity Index has steadily increased over the past three quarters, rising one point for seven of the last eight months," said Robert A. Dye, Chief Economist at Comerica Bank. "The strength of the index shows the consistent solid performance of the Texas economy over the first five months of 2011, with significant contributions from job growth, drilling activity and trade. Texas is well-positioned to outperform the national economy over the remainder of 2011 and into 2012."
The Texas Economic Activity Index equally weights eight, seasonally-adjusted coincident indicators of real economic activity. The eight indicators reflect activity in the manufacturing, travel, and trade sectors, as well as job growth and consumer outlays. The Index levels represent a three-month moving average, used to smooth monthly volatility. The Index is benchmarked so that 2008 equals 100. A complete, revised historical series dating to 1997 is available upon request.
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. banking company headquartered in Texas, and is strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas, Houston and Austin, 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
