Texas Economy Healthy, But Faces Cross Currents
by: Andrew Schneider, November 27, 2012 9:11:00 am
The Texas Economic Activity Index ticked up 0.2 in September to a level of 98.9. The monthly index reading is 27 points above the low hit in 2009 and eight points above the index average for last year.
“The overall economic momentum in the state remains strong, and I expect that to carry over into 2013.”
Comerica chief economist Robert Dye says Texas is benefitting from strong job growth and sales tax revenues. But he says the state also faces some crosscurrents. Residential building permits dropped back after a surge in August, while the rig count continues to fall due to low natural gas prices.
Graph provided by Comerica Bank's Texas Economic Activity Index