Comerica Bank's Texas Index Advanced in August

DALLAS, Nov. 3, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index grew in August, increasing 0.7 percentage points to a level of 106.0. August's reading is 33 points, or 46 percent, above the index cyclical low of 72.6. The index averaged 100.3 points for all of 2013, two and one-tenth points above the average for full-year 2012. July's index reading was 105.3.

"The Texas economy continued to advance strongly in August, according to our Texas Economic Activity Index. Seven out of eight components of the index improved or held steady. Only housing starts eased. The drilling rig count remained strong through August, even as oil prices began to fall. With the ongoing slide in crude oil prices into October, I expect to see a leveling out of oil field activity. But current prices near $81 per barrel can sustain a healthy Texas energy sector," said Robert Dye, Chief Economist at Comerica Bank. "We do not expect oil prices to plunge lower. However, that is a downside risk to the Texas economy that we are monitoring carefully."

With this edition of the Texas Economic Activity Index, we are rolling out a new methodology. Therefore, historical values of our index may be different from earlier editions. The Texas Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and the 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 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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SOURCE Comerica Bank