Comerica Bank’s Texas Economic Activity Index dipped 0.3 points in August, to a level of 98.7. The August index reading is 27 points, or 38 percent, above the index cyclical low of 71.7. The index has averaged 98 points thus far in 2012, eight points above the index average for all of 2011.
“Our Texas Economic Activity Index has been range bound for the last four months, after climbing strongly in early 2012,” said Robert Dye, Chief Economist at Comerica Bank. “The majority of the components of our index improved in August, including payroll jobs, exports, sales tax revenue, hotel occupancy and residential building permits. However, unemployment insurance claims increased and the drilling rig count decreased, and those two factors were enough to neutralize the gain from the others. The rig count will likely continue to ease through the rest of this year, due to very low natural gas prices.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_201210.