DALLAS, Oct. 27, 2016 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index was down just 0.1 percentage points
in August to a level of 90.3. August's reading is 18 points, or 24
percent, above the index cyclical low of 72.8. The index averaged
97.5 points for all of 2015, seven and three-fifths points below
the average for full-year 2014. July's index reading was 90.4.
"The Comerica Bank Texas Economic Activity Index was essentially
unchanged in August, easing by one-tenth of a point. We expect the
index to level out in the months ahead and then resume an improving
track, reflecting signs of stability in oil field activity and
ongoing job creation statewide. The last 22 months have been ugly
as the index fell 20 times. The drilling rig count for Texas began turning over after the
November 2014 high of 904 active
rigs. May 2016 was the low point at
179 rigs. Since last May the monthly count has increased to 244, as
of September. Fortunately, during the tough times in the energy
sector, Texas continued to add
jobs on a net basis, with only two months of net job losses in the
last two years, March 2015 and
March 2016," said Robert Dye, Chief Economist at Comerica Bank.
"The resiliency of its diversified economy has served Texas well. We look for an improving state
economy in 2017."
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