Dallas/June 24, 2014 — Comerica Bank’s Texas Economic Activity Index advanced 1.4 percentage points in April to a level of 109.2. April’s reading is 38 points, or 52 percent, above the index cyclical low of 71.7. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. March’s index reading was revised up to 107.8.
“Our Texas Index increased in April, supported by a broad range of positive indicators for the state. Payroll employment growth continues to be strong in most major metropolitan areas, including Dallas/Fort Worth, Houston, Austin and San Antonio. Residential construction activity is picking up to meet the strong demographic demand and drilling activity continues at a robust rate,” said Robert Dye, Chief Economist at Comerica Bank. “We expect to see the strong growth in the Texas economy to continue through the second half of this year and beyond.”
The Texas Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits and Baker Hughes rotary rig count. All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. commercial bank headquartered in Texas, 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 135 banking centers in Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville regions of 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. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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