Comerica Bank’s Texas Economic Activity Index rose one point in May, to a level of 97. The May reading is 14 points, or 17 percent, above the index cyclical low of 83. May marks the highest index level since December 2008. Year-to-date the index has averaged 95, five points above the average for all of 2010.
“The Texas Economic Activity Index has steadily increased over the past three quarters, rising one point for seven of the last eight months,” said Robert A. Dye, Chief Economist at Comerica Bank. “The index has performed well consistently over the first five months of 2011, with significant contributions from job growth, drilling activity and trade. Texas is well-positioned to outperform the national economy in 2011, which should be confirmed by moderate gains in the index over the course of the year.