DALLAS, April 27, 2016 /PRNewswire/ -- Comerica
Bank's Texas Economic Activity Index fell in February, decreasing
0.1 percentage points to a level of 92.4. February's reading is 20
points, or 27 percent, above the index cyclical low of 72.8. The
index averaged 97.7 points for all of 2015, seven and three-fifths
points below the average for full-year 2014. January's index
reading was 92.5.
"Our Texas Economic Activity Index declined in February, down
for 15 out of the last 16 months. Four of the eight index
components were positive for the month, including nonfarm
employment, exports, unemployment insurance claims (inverted) and
house prices. Housing starts, drilling rig count, sales tax revenue
and hotel occupancy were negative factors. With oil prices firming,
we expect to see the drilling rig count level out by the end of
summer, so that major drag will start to dissipate. However, the
state's large energy sector will likely remain subdued through the
course of this year," said Robert
Dye, Chief Economist at Comerica Bank. "Both Austin and
North Texas will drive growth for
the state in the near term, propelled by their ability to attract
and incubate new non-energy businesses."
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 131 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 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