Press release from PR Newswire
Texas Economy Dips in March, Reports Comerica Bank Texas Economic Activity Index
Wednesday, May 11, 2011
DALLAS, May 11, 2011 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index dropped two points in March, to a level of 94. Year-to-date the index has averaged 95, five percent above the average for all of 2010. The March reading is up 11 points, or 13 percent, above the index cyclical low of 83.
"After reaching its highest level in more than two years, the Texas Economic Activity Index declined by two points in March," said Dana Johnson, Chief Economist at Comerica Bank. "Air travel, hotel occupancy and the index proxy for vehicle travel suffered in March?likely due to the same spike in energy prices that aided drilling activity and nonfarm payroll growth in the state. Looking ahead, Texas is well-positioned to outperform the national economy in 2011, which should be confirmed by moderate gains in the index over the course of the year."
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 & Institutional 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
For further information: Media, Dana Johnson, Senior Vice President and Chief Economist, +1-214-462-6839, firstname.lastname@example.org, or Data Contact, Meaghan Derrick, Research Assistant, +1-214-462-6815, email@example.com, both of Comerica Bank