Comerica Bank’s Texas Economic Activity Index declined 0.4 percentage points in February to a level of 109.7. February’s reading is 38 points, or 53 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. January’s index reading was revised slightly down to 110.1.
“Our Texas Index dipped again in February, and just like it was in January, the culprit was volatility in residential buildings permits. Permits from November through February eased after spiking last October. Given the strong population and income growth of key Texas metropolitan areas, and overall solid economic performance of the state, I expect home builders to be very active this spring and summer,” said Robert Dye, Chief Economist at Comerica Bank. “And just like last month, most other components of our Texas index were positive, including payroll job growth and the drilling rig count. We continue to see signs that the broader U.S. economy is thawing out after a winter freeze and this will benefit Texas as well.”
For a PDF version of the Texas Economic Activity Index, click here: TexasIndex_0414.