Comerica Bank’s Texas Economic Activity Index increased by 1.2 percentage points in December, rising to a level of 101.3. The December index reading is 30 points, or 41 percent, above the index cyclical low of 71.7. The index averaged 98 points for all of 2012, eight points above the index average for full-year 2011.
“Our Texas index increased for the fourth consecutive month in December, to its highest point since August 2008. However, index components were mixed in December, with drilling activity continuing to slow down,” said Robert Dye, Chief Economist at Comerica Bank. “Downside risks related to further cuts in federal spending could negatively impact the Texas economy in 2013. Housing markets continue to tighten, supporting prices and encouraging builders.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_0213.