Texas Economy Dips In January, Reports The Comerica Bank Texas Economic
DALLAS, March 27, 2013
DALLAS, March 27, 2013 /PRNewswire/-- Comerica Bank's Texas Economic Activity
Index fell slightly in January, declining 0.4 percentage points to a level of
101.1. The January reading is 29 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 average for full-year 2011. December's index reading was
revised from a previously reported 101.3 to 101.5.
"Our Texas Index declined slightly in January, the first decline since August
of last year. Index components were mixed, with payrolls and permits higher.
Exports, sales tax revenues and the drilling rig count dipped in January,"
said Robert Dye, Chief Economist at Comerica Bank. "Downside risks related to
cuts in federal spending could negatively impact the Texas economy in 2013.
Housing markets continue to tighten, however, supporting prices and
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
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated
(NYSE: CMA), the largest 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 137 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
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SOURCE Comerica Bank
Contact: Media Contact: Robert Dye, (214) 462-6839, firstname.lastname@example.org or Data
Contact: Meaghan Derrick, (214) 462-6815, email@example.com
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