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Comerica’s Texas Index Decreases; Improvement Expected
Comerica Bank’s Texas Economic Activity Index decreased in May to 114.2, the Dallas-based bank said last week. May’s index reading was 18.7 points above the index cyclical low of 95.5.
The index averaged 139.1 points for all of 2019, 3.8 points above the average for 2018. April’s index reading was revised to 127.4.
“We expect the Texas Index to improve in the months ahead, reflecting the state’s economic reopening,” Comerica said. “However, the recent surge in coronavirus infections has caused the state to suspend and even reverse some reopening plans. We view the remainder of this year as a period of heightened economic uncertainty for the U.S. and Texas economies.”
Comerica noted a couple of hopeful signs. Oil prices stabilized in June and July following a “disastrous” April. Tesla’s plan to $1.1-billion factory on a 2,100-acre site near Austin is seen as beneficial for the Texas economy generally.
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- ◦Economy
