Comerica Bank’s Texas Economic Activity Index rose 0.5 points in July, increasing to a level of 99.0. The July 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 reversed its June dip, growing by 0.5 percentage points in July, according to our Texas Economic Activity Index,” said Robert Dye, Chief Economist at Comerica Bank. “Job growth in Texas continues to outpace the national average, as housing gains momentum on firming sales and prices. However, drilling activity has eased recently due to very low natural gas prices, and could continue to weigh on the index going forward.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_201209.