Comerica Bank’s Texas Economic Activity Index rose 0.6 points in November, to a level of 100.1. The November index reading is 28 points, or 40 percent, above the index cyclical low of 71.7. The index has averaged 98 points over the 11 months through November 2012, eight points above the index average for all of 2011.
“Our Texas index increased for the third straight month in November, to its highest point since September 2008. The index for November shows broad-based acceleration in the state economy, with the exception of drilling activity, which continues to decline due to very low natural gas prices,” said Robert Dye, Chief Economist at Comerica Bank. “All other components of the index were positive contributors for November. As with all other states, fiscal tightening in the form of both higher federal taxes and reduced federal spending will be a drag on the Texas economy in early 2013. However, we continue to believe that Texas will be a strong performer through 2013.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_0113.