Lubbock economy shows negative trend - KCBD NewsChannel 11 Lubbock

6/26/09

Lubbock economy shows negative trend

Posted by Ben Lawson  - bio | email

LUBBOCK, TX (KCBD) - The Lubbock economy continues to show a negative trend, but there is some good news. Lubbock's latest economic index, released Friday, shows retail sales are relatively flat. The year-to-date total is barely up compared to last year.

Analysts say spending declines are not deep or drastic at this point, but they do represent a pullback on the part of Hub City households and businesses. Construction is also on the decline, with commercial building down in the double digits, and, existing home sales continue to fall, with may marking the first significant price drop in the housing market. However, analysts say the decline may just be an adjustment back to typical price levels.

"The one bright spot in our report is Lubbock's unemployment rate is 4.6%, which right now is the lowest unemployment in the state of Texas," Lubbock National Bank Senior Vice President James Arnold said. 

Meanwhile, across the nation families are putting more money into their piggy banks. The month of May saw the highest level of savings for families in 15-years. That's due to many families that are qualifying for the government's stimulus program are bolstering their nest eggs instead of spending it in the economy.

©2009 KCBD NewsChannel 11. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

kcbd.com Jobs
Search KCBD.com Jobs for available openings in and around the Lubbock area!

  • Local News on KCBD.comNewsMore>>

  • NRA, Florida face backlash after latest school shooting

    NRA, Florida face backlash after latest school shooting

    Saturday, February 24 2018 4:36 AM EST2018-02-24 09:36:41 GMT
    Sunday, February 25 2018 2:56 AM EST2018-02-25 07:56:09 GMT
    (AP Photo/Mark Lennihan, File). FILE- In this Feb. 15, 2006, file photo, BlackRock headquarters is shown in New York. U.S. companies are taking a closer look at investments, co-branding deals and other ties to the gun industry and its public face, the ...(AP Photo/Mark Lennihan, File). FILE- In this Feb. 15, 2006, file photo, BlackRock headquarters is shown in New York. U.S. companies are taking a closer look at investments, co-branding deals and other ties to the gun industry and its public face, the ...

    NRA faces corporate backlash after latest school shooting.

    NRA faces corporate backlash after latest school shooting.

  • After years of dejection, proponents of gun laws see hope

    After years of dejection, proponents of gun laws see hope

    Saturday, February 24 2018 10:35 AM EST2018-02-24 15:35:23 GMT
    Sunday, February 25 2018 2:48 AM EST2018-02-25 07:48:59 GMT
    The progression has become numbingly repetitive - mass bloodshed unleashed by a gunman, followed by the stories of the fallen, the funerals and mourning. (Source: AP Photos)The progression has become numbingly repetitive - mass bloodshed unleashed by a gunman, followed by the stories of the fallen, the funerals and mourning. (Source: AP Photos)

    "Our kids have started a revolution:" Teens' activism after Florida school shooting has some hopeful for action on gun policy.

    "Our kids have started a revolution:" Teens' activism after Florida school shooting has some hopeful for action on gun policy.

  • Trump says he's eyeing Veterans' Day for military parade

    Trump says he's eyeing Veterans' Day for military parade

    Saturday, February 24 2018 10:05 PM EST2018-02-25 03:05:32 GMT
    Sunday, February 25 2018 1:48 AM EST2018-02-25 06:48:14 GMT
    (Source: White House)(Source: White House)

    The president says a parade would be "something great" for the country's spirit.

    The president says a parade would be "something great" for the country's spirit.

Powered by Frankly