DALLAS, Feb. 25, 2015 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index eased again in December, decreasing 0.2 percentage points to a level of 107.4. December's reading is 35 points, or 48 percent, above the index cyclical low of 72.6. The index averaged 105.1 points for all of 2014, four and nine-tenths points above the average for full-year 2013. November's index reading was 107.6.

"Our Texas Economic Activity Index declined slightly in December, following a small decline in November. The recent dip in the series clearly breaks the string of seven consecutive monthly gains beginning in April 2014. This dip in the Texas Index is consistent with the decline in crude oil and natural gas prices seen over the second half of last year and into early 2015. The drop in oil and gas prices has resulted in a significant reduction in planned expenditures for oil field development worldwide this year. Texas will share in that reduction in activity, and so we expect to see more evidence of the economic drag on Texas from lower oil prices in the months ahead," said Robert Dye, Chief Economist at Comerica Bank. "Beyond the direct drag on oil field activity, we also expect to see more evidence of the indirect drag from lower oil prices on the rest of the Texas economy through 2015."

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