Comerica Bank’s Texas Economic Activity Index decreased 0.9 percentage points in January to a level of 110.2. The January reading is 39 points, or 54 percent, above the index cyclical low of 71.6. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. December’s index reading was unchanged at 111.1.
“Our Texas Index cooled slightly in January, due to volatility in residential buildings permits. Permits from November through January eased after spiking last October. The overall trend in residential building permits still looks good, reflecting the strong Texas economy,” said Robert Dye, Chief Economist at Comerica Bank. “Most other components of our Texas index were positive in January, including payroll job growth and the drilling rig count. After some winter-weather-related drag, the broader U.S. economy is improving and this will be a positive for Texas this spring.”
For a PDF version of the Texas Economic Activity Index, click here: TexasIndex_0314.