Comerica Bank’s Texas Economic Activity Index fell slightly in April, declining 0.2 percentage points to a level of 103.7. The April reading is 32 points, or 45 percent, above the index cyclical low of 71.5. The index averaged 102 points for all of 2012, 10 points above the average for full-year 2011. March’s index was revised down from a previously reported 104.2 to 103.9.
“Our Texas Index is down slightly for the month of April, but index components suggest that the headline number is leveling out. The stall in the index is consistent with expected cooler overall economic growth for the U.S. as a whole for the second and third quarters of this year,” said Robert Dye, Chief Economist at Comerica Bank. “We continue to see job creation in Texas, despite a flat pattern in other components of the index, and that is good news for the state.”