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Detroit Economy Continues on Upswing -- Comerica Index

20 August 1999

Detroit Economy Continues on Upswing -- Comerica Index

     Business Editors

     DETROIT--Aug. 19, 1999--The Detroit Comeback
Index compiled by Comerica Bank, which tracks the progress of the city
of Detroit's economic turnaround, rose 1.9 points, or 1.7 percent, in
the second quarter.  Compared to year-earlier levels, the index was up
2.5 points, or 2.3 percent.
     In the second quarter, the index registered 112.6, compared to
110.7 in the first quarter.  A year earlier, the index stood at 110.1.
The Detroit Comeback Index uses 1994 as a base year set at 100 points.
In 1995, the index inched up to 100.7 before accelerating to 103.7 in
1996, 106.3 in 1997 and 109.3 last year.  The index has advanced 
15 percent since its inception. It is adjusted to account for
volatility in activity levels related solely to weather and season.
     "The evidence shows that Detroit is making great strides in its
efforts at revitalization," said David L. Littmann, chief economist at
Detroit-based Comerica.  "The greatest contributors to the second
quarter advance in our Comeback Index were robust auto sales combined
with declines in unemployment rates, new claims for unemployment, and
dependence on public assistance programs," he said.  "It is especially
encouraging," Littmann noted, "that Detroit is moving forward at a
time when the broader regional indexes for the metropolitan area and
the state seem to have plateaued."
     The Detroit Comeback Index comprises 23 social and economic
variables to track Detroit's turnaround:

     Auto Sales               Income Tax Rates
     Bond Ratings             Infrastructure
     Business Activity        Neighborhood Property Value
     Business Start-ups       Permits
     Commercial Occupancy     Privatization
     Convention Activity      Regulation Costs
     Crime Rate               Retailing Activity
     Cultural Activity        School Performance
     Dependency Ratio         State Equalized Value
     Deregulation             Unemployment Claims
     Employment               Unemployment Rate
     Income Revenue

     Comerica Bank, the largest bank in Michigan, is a subsidiary of
Comerica Incorporated , a multi-state financial services
provider headquartered in Detroit, with banking subsidiaries in
Michigan, California and Texas, banking operations in Florida, and
businesses in eight other states.  Comerica also operates banking
subsidiaries in Canada and Mexico.  Comerica is celebrating its 150th
anniversary in 1999.