DALLAS – Comerica Bank’s Michigan Tourism Index fell in the fourth quarter to its lowest reading in 16 years. Over the four quarters of 2008, our index declined 11 percent, similar to the 12 percent decline recorded in the 2001 recession.
“Similar to so many other measures of economic activity, the decline in
our tourism index accelerated markedly in late 2008,” said Dana Johnson,
Chief Economist at Comerica Bank. “With the national and state economy
still clearly contracting in early 2009, further declines in the Michigan
Tourism index seem inevitable, as households and businesses cut back on
discretionary travel. By midyear, however, declines in tourism are likely
to become less severe, as recessionary pressures begin to moderate.”
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, formerly headquartered in Detroit, which moved several years ago to Dallas. 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.
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