Comerica Bank’s Texas Economic Activity Index rose 0.6 points in October, to a level of 99.5. The October index reading is 28 points, or 39 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.
“After being range-bound for five months, our Texas index rose above the 99-point mark, to the highest index level since September 2008,” said Robert Dye, Chief Economist at Comerica Bank. “The index components highlighted broad-based economic improvement in October, with the exception of rig drilling activity, which declined for the fifth straight month. Due to continued low natural gas prices, the rig count will likely continue to drift lower over the remainder of the year.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_Dec2012.