Comerica Bank’s Texas Economic Activity Index was unchanged in June, remaining at a level of 103.7. The June reading is 32 points, or 45 percent, above the index cyclical low of 71.6. The index averaged 102 points for all of 2012, 10 points above the average for full-year 2011. May’s index reading was revised up to 103.7.
“Our Texas Index has been essentially unchanged over the four months from March through June of this year. Payroll employment continues to trend upward, and that is good news, but other components of our Texas Index, such as the drilling rig count, have stabilized. Also, we are seeing some volatility in residential construction data, and that has been a negative factor in May and June,” said Robert Dye, Chief Economist at Comerica Bank. “July payroll data for Texas, which does not appear in our June index, was positive, suggesting that our Texas Index will resume its upward track in the second half of the year.”
For a PDF version of the Texas Economic Activity Index, click here: TexasIndex_0813.