DALLAS, May 27, 2015 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index eased again in March, decreasing 3.4
percentage points to a level of 101.1. March's reading is 29
points, or 39 percent, above the index cyclical low of 72.6. The
index averaged 105.1 points for all of 2014, four and four-fifths
points above the average for full-year 2013. February's index
reading was 104.6.
"The Texas economy has lost
momentum due to the reset in oil prices. Our Texas Economic
Activity Index has declined for five consecutive months, beginning
in November of last year. We expect to see more declines over the
coming months as consolidation in the state's energy sector
continues. Six out of eight index components declined in March. The
exception was house prices, supported by the strong North Texas market," said Robert Dye, Chief Economist at Comerica Bank.
"Recent firming of crude oil prices to the $55-$60 range is a good sign. We expect drilling
rig counts to level out by mid-summer after falling by almost 60
percent, and that will help to establish a floor for the energy
sector."
The Texas Economic Activity Index consists of eight variables,
as follows: nonfarm payrolls, exports, hotel occupancy rates,
continuing claims for unemployment insurance, housing starts, sales
tax revenues, home prices, and the 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 133 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.
To subscribe to our publications or for questions, contact us at
ComericaEcon@comerica.com. Archives are available at
http://www.comerica.com/economics. Follow us on Twitter:
@Comerica_Econ.
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SOURCE Comerica Bank