Comerica Bank's Texas Index Decreases in August

               Comerica Bank's Texas Index Decreases in August

PR Newswire

DALLAS, Oct. 23, 2013

DALLAS, Oct. 23, 2013 /PRNewswire/ --Comerica Bank's Texas Economic Activity
Index declined 0.6 percentage points in August to a level of 103.4*. The
August reading is 32 points, or 44 percent, above the index cyclical low of
71.6. The index averaged 102 points for all of 2012, 10 points above the
average for full-year 2011. There was no revision to July's index reading of


"Our Texas Index eased again in August, giving back its July increase.
Volatility in residential building permits has been a big factor this year in
keeping our Texas Index flat. Permits eased significantly in August,
countering the gains seen in most other components of the index," said Robert
Dye, Chief Economist at Comerica Bank. "Also, recent job growth has been
uneven. Low natural gas prices have been a dampening force on some parts of
the energy sector. Fortunately, oil prices have remained firm, providing
plenty of incentive for drilling activity. I expect the Texas economy to
continue to grow through the end of this year."

*State level exports data have not been reported for August due to the federal
government shut-down. We estimated an August export number in order to
calculate the total index.

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 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 136 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

To receive this index directly to your email inbox, go to to subscribe. Follow us on Twitter at

SOURCE Comerica Bank

Contact: Media Contact, Robert Dye, (214) 462-6839,, or
Data Contact, Daniel Sanabria, (214) 462-6789,
Press spacebar to pause and continue. Press esc to stop.