Latest news is mostly good for local jobs, economy - KCBD NewsChannel 11 Lubbock

7/1/10

Latest news is mostly good for local jobs, economy

By James Clark | email

LUBBOCK, TX (KCBD) – Lubbock's economy shows real signs of growth but has not fully recovered by means. Lubbock National Bank released numbers Thursday morning that show Lubbock had its first year-over-year increase in jobs in 16 months.

Taxable retail spending in Lubbock is actually up 4.2% (adjusted for inflation) as compared with May of 2009. Auto sales are up 16% (adjusted for inflation) and housing construction numbers continue to rise.

"Our housing market remains healthy and solid, and that's because we don't have those large track builders, large national builders... we have small independent community builders," says Vice President of Lubbock National Bank James Arnold.

However, Lubbock's overall economic index is still down 2.3% comparing this year to last. Travel & tourism numbers are mixed. For example hotel motel tax receipts are up about 3% while "airline enplanements" are down almost 3% year-to-date.

There is good news for those who are trying to stretch a dollar. Lubbock is experiencing a drop in food prices. Annualized inflation for May came in at a modest 1.4%.

Thursday during NewsChannel 11 at 5 & 6 we'll hear from Lubbock national bank including their thoughts as to why Lubbock has done better than many other cities during the recession. 

Copyright 2010 KCBD. All rights reserved.

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