DALLAS, Dec. 2, 2014 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index grew in September, increasing 1.2 percentage points to a level of 107.2. September's reading is 35 points, or 48 percent, above the index cyclical low of 72.6. The index averaged 100.3 points for all of 2013, two and one-tenth points above the average for full-year 2012. August's index reading was 106.0.

"The Texas economy expanded strongly in September, as shown by the sixth consecutive monthly increase in our Texas Economic Activity Index. Seven out of eight components of the index improved in September. Only state exports declined, reflecting lower crude oil prices. Indeed, lower oil prices represent a downside risk for the Texas economy in 2015. Our index is designed to incorporate that risk through the drilling rig count and through payroll employment. As of September, the drilling rig count for Texas was very high at 902 active rigs and job growth was strong," said Robert Dye, Chief Economist at Comerica Bank. "With the price for West Texas Intermediate crude oil now down to about $68 per barrel, we expect to see evidence of cooler economic growth for the state in the months ahead."

The Texas Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and the Baker Hughes rotary rig count. All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. commercial bank headquartered in Texas, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 135 banking centers in Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville regions of Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.

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SOURCE Comerica Bank