Comerica Bank’s Texas Economic Activity Index declined by 0.4 points in June, to a level of 98.5. The June index reading is 27 points, or 37 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.
“Following a nearly 1.5 percent surge in May, our Texas Economic Activity Index reset itself slightly lower in June,” 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 also solid, supporting gains in the service sector. Housing is gaining momentum, as new and existing home sales increase and prices firm up. Construction activity has flattened out recently, but should reaccelerate through year-end to meet growing demand.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_201208.