Texas’ economy activity ticked up slightly in July to an index level to 99.0, according to the Comerica Bank’s Texas Economic Activity Index.
The index is baselined to 2008, indicating that a reading of 100.0 points means that the Texas economy is performing at early recession levels.
“The Texas economy reversed its June dip, growing by 0.5 percentage points in July, according to our Texas Economic Activity Index,” says Robert Dye, chief economist at Comerica Bank. “Job growth in Texas continues to outpace the national average, as housing gains momentum on firming sales and prices. However, drilling activity has eased recently due to very low natural gas prices, and could continue to weigh on the index going forward.”
The index takes into account nonfarm payrolls, exports, sales-tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits and the Baker Hughes rotary rig count,
Comerica Bank is the commercial banking subsidiary of Dallas-based Comerica Inc. (NYSE: CMA). The company has 140 bank branches in the major regions of Texas, including 10 branches and ATMs in San Antonio.
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