Comerica Bank’s Texas Economic Activity Index rose one point in November, to a level of 100. November’s reading is the highest index level since September 2008, and is 17 points, or 20 percent, above the index cyclical low of 83. Year-to-date the index has averaged 97, eight percent above the average for all of 2010.
“Our Texas Economic Activity Index ticked up again in November showing that statewide economic conditions remain positive and Texas has regained what was lost due to the Great Recession of 2008-2009. As of December, total payroll employment in Texas passed the previous pre-recession peak from August 2008,” said Robert Dye, Chief Economist at Comerica Bank. “Oil prices have been stable near $100 per barrel and drilling rig activity remains high. Downside risks are visible, however. These include the potential for lower energy prices, economic drag from a European recession, expected reductions in federal defense spending, and the risk of job losses from American Airlines. Despite these risks, I expect the Texas economy to remain strong in 2012.”