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Comerica’s Texas Index Improves for Second Month in a Row
Comerica Bank’s Texas Economic Activity Index increased in August to 116.1, the bank said Thursday. August’s index reading was 21 points, or 22%, above the index cyclical low of 95.5 and up 4.4 points from the July, for the second consecutive improvement.
For August, eight out of nine index components were positive, including nonfarm employment, unemployment insurance claims (inverted), housing starts, house prices, industrial electricity demand, total state trade, hotel occupancy and sales tax revenues. Only the drilling rig count sub-index remained in the red.
Comerica cited four sets of economic risk factors that will be active through the remainder of this year. The first is regional coronavirus spread, while the second is the strength of the U.S. and global economies through the fourth quarter. Third is the specific risk to the energy industry. The fourth set of risk factors include other idiosyncratic risks to key Texas industries, including airlines.
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- ◦Economy
