DALLAS, Jan. 22, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index rose 0.6 points in November, to a level of 100.1. The November index reading is 28 points, or 40 percent, above the index cyclical low of 71.7. The index has averaged 98 points over the 11 months through November 2012, eight points above the index average for all of 2011.
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"Our Texas index increased for the third straight month in November, to its highest point since September 2008. The index for November shows broad-based acceleration in the state economy, with the exception of drilling activity, which continues to decline due to very low natural gas prices," said Robert Dye, Chief Economist at Comerica Bank. "All other components of the index were positive contributors for November. As with all other states, fiscal tightening in the form of both higher federal taxes and reduced federal spending will be a drag on the Texas economy in early 2013. However, we continue to believe that Texas will be a strong performer through 2013."
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. banking company 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