Comerica Bank’s Texas Economic Activity Index rose 1.4 percentage points in May, to a level of 98.9. The May index reading is 27 points, or 38 percent, above the index cyclical low of 71.7. The index has averaged 97 points so far in 2012, seven points above the index average for all of 2011.
“The Texas economy continues to be a growth leader, shown by the solid increase to our Texas Economic Activity Index for May,” said Robert Dye, Chief Economist at Comerica Bank. “Drilling activity remains strong and the rate of overall job creation remains well above the national average. Manufacturing conditions are very strong, supporting gains in the service sector as well. Housing is gaining momentum, as new and existing home sales increase, prices firm up, and new construction activity accelerates to meet growing demand.”