Comerica Bank’s Texas Economic Activity Index fell slightly in January, declining 0.4 percentage points to a level of 101.1. The January reading is 29 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 average for full-year 2011. December’s index reading was revised from a previously reported 101.3 to 101.5.
“Our Texas Index declined slightly in January, the first decline since August of last year. Index components were mixed, with payrolls and permits higher. Exports, sales tax revenues and the drilling rig count dipped in January,” said Robert Dye, Chief Economist at Comerica Bank. “Downside risks related to cuts in federal spending could negatively impact the Texas economy in 2013. Housing markets continue to tighten, however, supporting prices and encouraging builders.”
Click here for a PDF version of the Texas Economic Activity Index: TexasIndex_0313.