Texas Economy Dips in March
DALLAS, May 11, 2011 /PRNewswire/ — Comerica Bank’s Texas Economic Activity Index dropped two points in March, to a level of 94. Year-to-date the index has averaged 95, five percent above the average for all of 2010. The March reading is up 11 points, or 13 percent, above the index cyclical low of 83.
“After reaching its highest level in more than two years, the Texas Economic Activity Index declined by two points in March,” said Dana Johnson, Chief Economist at Comerica Bank. “Air travel, hotel occupancy and the index proxy for vehicle travel suffered in March—likely due to the same spike in energy prices that aided drilling activity and nonfarm payroll growth in the state. Looking ahead, Texas is well-positioned to outperform the national economy in 2011, which should be confirmed by moderate gains in the index over the course of the year.”