DETROIT, Aug. 10, 2009 /PRNewswire-FirstCall/ – Comerica Bank’s Michigan Tourism Index rose three points, to 91, in the second quarter of 2009 following a one point gain in the first quarter. While the index has rebounded from its fourth quarter low, the average for the first half of 2009 is three points below the average for all of 2008.
“The Michigan tourism industry definitely has outperformed the overall state economy thus far this year, perhaps reflecting in part Michigan’s award-winning ad campaign that has been playing across the county,” said Dana Johnson, Chief Economist at Comerica Bank. “Going forward, however, outlays for business and personal travel probably may not recover as fast as many other types of spending given the discretionary nature of personal and business travel.”
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. Historical index levels are available upon request.
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, China and Mexico. Comerica reported total assets of $63.6 as of June 30, 2009.
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Source: Comerica Bank
CONTACT: Media, Dana Johnson, Senior Vice President and Chief Economist,
or Data, Meaghan Derrick, Research Assistant, +1-214-462-6815, firstname.lastname@example.org, both of Comerica Bank
Web Site: http://www.comerica.com