Comerica Bank’s Texas Economic Activity Index ticked up 0.2 points in September, to a level of 98.9. The September 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 five months now, after an impressive climb over the first half of the year,” said Robert Dye, Chief Economist at Comerica Bank. “September’s slight uptick was not consistent across the index components. Building permits and the drilling rig count decreased noticeably in September, muting gains from job growth, exports and sales tax revenues. Due to continued low natural gas prices, the rig count will likely continue to drift lower over the last quarter of the year.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_201211.