DALLAS, Feb. 27, 2013 /PRNewswire/ -- Comerica
Bank's Texas Economic Activity Index increased by 1.2 percentage
points in December, rising to a level of 101.3. The December index
reading is 30 points, or 41 percent, above the index cyclical low
of 71.7. The index averaged 98 points for all of 2012, eight points
above the index average for full-year 2011.
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"Our Texas index increased for the fourth consecutive month in
December, to its highest point since August
2008. However, index components were mixed in December, with
drilling activity continuing to slow down," said Robert Dye, Chief Economist at Comerica Bank.
"Downside risks related to further cuts in federal spending could
negatively impact the Texas
economy in 2013. Housing markets continue to tighten, supporting
prices and encouraging builders."
The Texas Economic Activity Index consists of seven variables,
as follows: nonfarm payrolls, exports, sales tax revenues, hotel
occupancy rates, continuing claims for unemployment insurance,
building permits and 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 the commercial banking 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 139 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.
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SOURCE Comerica Bank