Texas economic activity rises
Dallas-based Comerica Bank’s Texas Economic Activity Index grew in November to a level of 91.6 points, up from 90.9 points in October, with a broad number of indicators rising, the bank reported Tuesday.
The index averaged 97.5 points for all of 2015.
“The Comerica Bank Texas Economic Activity Index increased for the third consecutive month in November, showing that the state’s economy is turning the corner after the dramatic slowdown in oil field activity that began in late 2014. Seven out of eight index components were positive in November, including nonfarm payrolls, unemployment insurance claims (inverted), housing starts, rig count, home prices and hotel occupancy. Only state sales tax revenue eased,” said Robert Dye, Comerica Bank chief economist.
“We expect the state to bounce back from the weak December jobs report and show ongoing positive job creation through 2017,” Dye added in a prepared statement. “The drilling rig count improved through late 2016, indicative of more economic activity in oil-intensive areas.”