DALLAS, July 29, 2014 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index advanced 1.7 percentage points in May
to a level of 110.8. May's reading is 39 points, or 55 percent,
above the index cyclical low of 71.7. The index averaged 105 points
for all of 2013, three points above the average for full-year 2012.
April's index reading was revised slightly down to 109.1.
"Our Texas Index climbed again in May, driven by ongoing strong
job creation, export growth and tax revenues. Energy prices remain
supportive of elevated drilling activity. The drilling rig count
for Texas remains high after
climbing significantly this spring. The slight relaxation of the
decades-old ban on crude oil exports to allow for condensate
exports is a small positive for the state's economy," said
Robert Dye, Chief Economist at
Comerica Bank. "Demographic momentum is strong and will continue to
fuel construction activity. We expect to see robust gains in the
Texas economy through the second
half of this year."
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 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 135 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.
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