Lubbock economy showing signs of slipping - KCBD NewsChannel 11 Lubbock

4/7/09

Lubbock economy showing signs of slipping

LUBBOCK, TX (KCBD) - The troubles of the national economy are finding their way to the Hub City. Lubbock Economic Development Alliance and Lubbock National Bank released the latest economic index numbers for Lubbock - and it doesn't look good. 

According to numbers comparing this February with February of 2008 - Lubbock's unemployment rate jumped more than 1 percent. The auto sales sector dipped more than 28 percent, posting more than a 20 percent drop for the fifth consecutive month. Local hotel/motel tax is down almost 12 percent. New home permits slipped about 34 percent. And construction permits are down over 50% year to date.

Another blow to the area - is the South Plains is on track to produce its smallest cotton crop since 2004, and cotton prices are down nearly 40% as well. 

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