DETROIT, June 12 /PRNewswire-FirstCall/ -- The Michigan Tourism Index compiled by Detroit-based Comerica Bank decreased 3.6 percent between fourth quarter 2005 and first quarter 2006. The first quarter index, at 119.4, is down 1.8 percent from a year earlier.
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"The Super Bowl gave the Detroit area a nice lift in the first quarter, but our index still showed a modest decline for the entire state," according to Dana Johnson, chief economist at Comerica Bank. "High energy prices, declining payrolls, and concern about the near-term future of the state economy are likely to hold down travel for the balance of the year. The one bright spot is the softer US dollar that should make Michigan a more attractive destination particularly for our Canadian neighbors."
% Chg. 2006 Q1 From 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2005Q4 2005Q1 Tourism Index 121.6 118.0 119.0 123.9 119.4 -3.6 -1.8 Occupancy Rate 94.3 95.5 96.2 97.6 99.0 +1.4 +5.0 Airline Traffic 167.6 168.7 166.6 161.8 164.1 +1.4 -2.1 Vehicular Traffic 105.5 106.1 105.0 105.8 108.4 +2.5 +2.7 Mackinac Crossings 132.0 127.2 117.9 123.3 128.3 +4.1 -2.8 Museum 108.8 92.4 109.4 131.1 97.1 -25.9 -10.8
The Michigan Tourism Index is a quarterly summary of five seasonally adjusted travel and lodging data series, which serve as a proxy for statewide tourism activity. Prior levels for the index were revised this quarter to incorporate our annual revisions to seasonal factors.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. To receive this index directly to your email inbox, go to http://www.comerica.com/econsubscribe to subscribe.
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SOURCE: Comerica Bank
CONTACT: Media Contact: Dana Johnson, Senior Vice-President and Chief
Economist of Comerica Bank, +1-734-930-2401
Web site: http://www.comerica.com/