DALLAS, Jan. 31, 2017 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index grew by 0.7 percentage points in
November to a level of 91.6. November's index reading is 19 points,
or 26 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. October's index reading was
90.9.
"The Comerica Bank Texas Economic Activity Index increased for
the third consecutive month in November, showing that the state's
economy is turning the corner after the dramatic slowdown in oil
field activity that began in late 2014. Seven out of eight index
components were positive in November, including nonfarm payrolls,
unemployment insurance claims (inverted), housing starts, rig
count, home prices and hotel occupancy. Only state sales tax
revenue eased. Job growth in Texas
slowed from well above the national average in 2014, to near the
national average through 2016. The most recent data shows a net of
essentially zero new jobs for Texas in December
2016, which is the third weakest month for job growth in
recent history. March 2015 and
March 2016 both saw net job losses.
However, we expect the state to bounce back from the weak December
jobs report and show ongoing positive job creation through 2017,"
said Robert Dye, Chief Economist at
Comerica Bank. "The drilling rig count improved through late 2016,
indicative of more economic activity in oil-intensive areas."
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.
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SOURCE Comerica Bank