Lubbock economic report released, local economy down - KCBD NewsChannel 11 Lubbock

9/24/09

Lubbock economic report released, local economy down

LUBBOCK, TX (KCBD) - The latest monthly Lubbock economic report is out, and the numbers have dropped.

According to the study by the Lubbock Economic Development Alliance and Lubbock National Bank for August 2009, the LEI or Lubbock Economic Index  fell as compared with August of last year.  It has now declined for 11 consecutive months, and is down some 5.8% from its peak of 134.0 in September 2008.

There was a 1% inflation in the city's automobile industry, which is an increase, but is a smaller increase than in prior reports. The smaller increase is attributed to the "cash for clunkers" program. This may have given local dealers a much needed boost to bridge the gap until true recovery in the auto sector begins to occur.

Although building activity in the construction sector remains down, a 12% increase from July to August at nearly $40 million in permit valuations is a boost for the industry.

In the price index report indicates the rate of increase fell slightly by 3.8%.  A positive note in the report stated that your food and groceries are slightly cheaper than they were a year ago. The energy and utilities sector and the miscellaneous goods and services decreased as well.

The report however shows that prices for the housing and health care sectors increased.

Click here to see the full Lubbock Economic Index and Consumer Price Index for August 2009.

 

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