Comerica Bank’s Texas Economic Activity Index dipped 2.4 percentage points in March to a level of 107.3. March’s reading is 36 points, or 50 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. February’s index reading was unchanged at 109.7.
“Our Texas Index dipped for the third consecutive month in March. Payroll employment was unchanged for the month. Fortunately, we already know that payroll employment in Texas had a strong rebound in April, and that will support the index going forward. Also, residential building permits remain below their 2013 year-end highs. We expect that residential construction indicators will improve soon, consistent with strong job and demographic trends,” said Robert Dye, Chief Economist at Comerica Bank. “So despite what we view as a temporary dip in our Texas index, we remain optimistic about the Texas economy, and we expect our Texas Index to soon resume its upward track.”
For a PDF version of the Texas Economic Activity Index, click here: TexasIndex_0514.