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 at the bottom of the recession.
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.
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