DETROIT, Nov. 12, 2010 /PRNewswire-FirstCall/ — Comerica Bank’s Michigan Tourism Index rose two points in the third quarter of 2010, to a level of 93. The third quarter reading is up five points from the year-ago level, and is up six points, or seven percent, from the cyclical Index low of 87. The Index has averaged 92 points over the past three quarters, up two points from the Index average for all of 2009.
“The rise in our Index in the third quarter was driven primarily by increases in air travel and hotel occupancy,” said Dana Johnson, Chief Economist at Comerica Bank. “Slowly but surely, households and businesses have become more willing to increase their spending on travel as they sense that a sustained, moderate expansion is likely to continue. Looking ahead, our Index should continue to perform modestly better over the next several quarters, particularly if the state starts growing fast enough to begin generating increases in jobs.”
The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity.
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
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SOURCE Comerica Bank
CONTACT: Media, Dana Johnson, Senior Vice President and Chief Economist, +1-214-462-6839, firstname.lastname@example.org, or Data, Meaghan Derrick, Research Assistant, +1-214-462-6815, email@example.com, both of Comerica Bank