DALLAS, Nov. 30, 2016 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index improved slightly in September, up
0.3 percentage points to a level of 90.6. September'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 one-half
points below the average for full-year 2014. August's index reading
was 90.3.
"The Comerica Bank Texas Economic Activity Index improved in
September, only the second monthly improvement in the 23 months
since October 2014. Over the last two
years, the decline in the state's drilling rig count, reflecting
much reduced oil field activity, has been a strong weight on the
overall index. With firmer oil prices, the rig count leveled out
over the summer and has begun to increase. We expect that stability
in oil field activity will allow the Texas Index to stabilize and
then to gradually improve through 2017. However, next year will
likely not show a strong rebound for Texas. Oil field activity will remain well
below the booming pace seen from 2010 through 2014. The
Houston economy, in particular,
will take some time to recover, and this will keep improvement in
our Texas Index moderate through 2017," said Robert Dye, Chief Economist at Comerica Bank.
"We look for ongoing job gains in Texas through 2017 as the drag from the energy
sector dissipates."
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 a local banking
center network throughout Dallas-Fort
Worth, Houston,
Austin, San Antonio and Kerrville, 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.
Logo - http://photos.prnewswire.com/prnh/20010807/CMALOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/comerica-banks-texas-index-sees-modest-improvement-300370787.html
SOURCE Comerica Bank