DETROIT, March 7 /PRNewswire-FirstCall/ -- Tourism activity in Michigan increased 10.2 points between the third quarter 2004 and fourth quarter 2004, according to the Michigan Tourism Index compiled by Detroit-based Comerica Bank. The fourth quarter index, at 121.45, is up 2.7 percent from 118.21 a year earlier.
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"Michigan saw strong gains in air travel and in stays at hotels and motels last quarter. Generally high prices for gasoline, however, kept vehicular travel quite weak," according to Dana Johnson, chief economist at Comerica Bank in Detroit. "I expect this pattern to continue in 2005 given the healthy U.S. economy and the renewed upward pressure on energy prices."
Fourth Quarters Compared Annual Averages Compared
2004 2003 % Change 2004 2003 % Change
Tourism Index 121.45 118.21 +2.7 116.95 112.42 +4.0
Occupancy Index 138.96 96.17 +44.5 106.26 98.20 +8.2
Airline Traffic 163.86 153.83 +6.5 159.78 146.59 +9.0
Vehicular Traffic 98.75 103.27 (4.4) 97.88 100.36 (2.5)
Mackinac Crossings 129.50 135.16 (4.2) 125.05 127.61 (2.0)
Museum 76.16 102.60 (25.8) 95.77 89.35 +7.2
The Michigan Tourism Index is a quarterly summary of five seasonally- adjusted travel and lodging data series which serve as a non-inflationary proxy for statewide tourism activity.
Comerica Bank, the largest bank in Michigan, is a subsidiary of Comerica Incorporated (NYSE:CMA) . Headquartered in Detroit, Comerica is strategically aligned by the Business Bank, Small Business Banking & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $51.8 billion at December 31, 2004.
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Source: Comerica Bank
CONTACT: Dana Johnson, Senior Vice President and Chief Economist of
Comerica Bank, +1-734-930-2401, or +1-800-895-7708
Web site: http://www.comerica.com/
