Key Texas Economic Index On the Rise
by: Jack Williams, December 4, 2013 5:12:00 am
Comerica Bank's Texas Index measures data from seven economic sectors, including sales tax revenues, building permits, non-farm payrolls and exports. The index rose in September to 104.8, almost three points above the average for last year.
Robert Dye is Comerica Bank's chief economist. He says the index hasn't moved much this year, so September's numbers are encouraging.
"Sort of the behind the numbers view is that we're getting a little bit less push from the energy sector, but other parts of the state economy remain strong. I think we're in an interesting transition space. I expect the Texas economy to continue to be a strong performer over 2014 as the US economy firms up and global economic activity starts to feel firmer as well."
The historical high for the index came in July of 2007 before the recession. Dye says he expects the Texas Index to test new highs next year.