National economy hits Lubbock - KCBD NewsChannel 11 Lubbock

3/13/09

National economy hits Lubbock

LUBBOCK, TX (KCBD) - There is good news and bad news for Lubbock's economy. Numbers released Friday indicate the city's economy is declining, but we're still in better shape than other parts of the state.

In a press conference Friday morning Lubbock Economic Development Alliance announced the state of the Hub City's economy. They say numbers were not as good as they have been in the past but there are some factors that are working in our favor.

"The report card if you take it as it looks like we're just holding on and not really gaining a lot of traction if you look at what's going on with the economic problems starting statewide and nationwide are beginning to come in the mix," says Gary Lawrence with LEDA. 

Some numbers released - retail sales were .7 percent, which is better than a negative number according to Lawrence. Lubbock's unemployment rate is 4.8 percent which is still the third lowest in the state. New home permits declined 13 percent.

LEDA says it will be keeping a close eye on retail sales, home value prices and unemployment rates; and if any takes a negative turn it will be concerning. One number connected to retail sales did dip slightly and that was sales tax revenue, which LEDA says is a good economic barometer.

After Friday's press conference the Texas Comptroller's Office released the newest figures for state sales tax and Lubbock's dropped. Lubbock saw a .44 percent decrease in sales tax compared to March of 2008. 

To see a list of other Texas cities Click here.

 

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