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SOURCE Comerica Incorporated
DALLAS, May 20, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index dipped 2.4 percentage points in March to a level of 107.3. March's reading is 36 points, or 50 percent, above the index cyclical low of 71.6. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. February's index reading was unchanged at 109.7.
"Our Texas Index dipped for the third consecutive month in March. Payroll employment was unchanged for the month. Fortunately, we already know that payroll employment in Texas had a strong rebound in April, and that will support the index going forward. Also, residential building permits remain below their 2013 year-end highs. We expect that residential construction indicators will improve soon, consistent with strong job and demographic trends," said Robert Dye, Chief Economist at Comerica Bank. "So despite what we view as a temporary dip in our Texas index, we remain optimistic about the Texas economy, and we expect our Texas Index to soon resume its upward track."
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.
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