Comerica Bank’s Texas Economic Activity Index grew in July to a level of 104.0. The July 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. June’s index reading was revised down to 103.6.
“Our Texas Index ticked up in July, its first monthly increase since last November. Gains were broad-based, visible in all seven components of the index, indicating that upward momentum will likely continue in the months ahead,” said Robert Dye, Chief Economist at Comerica Bank. “The Texas Index has been held back by a declining rig count through 2012 and into early 2013, reflecting low natural gas prices, and by declines in building permits relative to a surge in construction activity last winter. High oil prices have kept the rig count stable through the summer. I expect the Texas economy to continue to show solid growth through the end of this year.”
For a PDF version of the Texas Economic Activity Index, click here: TexasIndex_0913.