Comerica Bank’s Texas Economic Activity Index rose 0.6 of a point in November to a level of just over 100. It marked the third-straight month the index has risen, bringing it to its highest level since September 2008.
The gains reflected broad-based growth in the state economy, ranging from nonfarm payrolls to building permits. Robert Dye is Comerica’s chief economist.
“It’s good news for Texas. I think it gives a clear story here that the Texas economy continues to be a strong performer, and I would expect that to continue through 2013 as well.”
Dye said the lone weak spot in the Texas economy for November was drilling activity, which continued to decline due to low natural gas prices. He also said fiscal tightening, in the form of higher federal taxes and reduced federal spending, will be a drag on the state’s growth in early 2013.