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 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 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 www.facebook.com/ComericaCares. To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe. Follow us on Twitter at @Comerica_Econ.