Comerica Bank’s Texas Economic Activity Index grew 1.1 percentage points in June to a level of 111.9. June’s reading is 40 points, or 56 percent, above the index cyclical low of 71.7. The index averaged 105 points for all of 2013, three points above the average for full-year 2012. May’s index reading was unchanged at 110.8.
“Our Texas Index improved again in June, up 9 out of the last 10 months. Steady gains in our Texas Index highlight the remarkable period of economic expansion that Texas is now enjoying. Payroll employment in Texas has increased for 46 consecutive months through this July. Strong job growth is driving in-migration to Texas, which in turn drives more job growth,” said Robert Dye, Chief Economist at Comerica Bank. “Drilling rig counts eased slightly into mid-summer. Crude oil prices have given up some ground with improving global supply, some ease in geo-political tensions and downgraded expectations for the Eurozone demand.”
For a PDF version of the Texas Economic Activity Index, click here: TexasIndex_0814.