Lubbock's economy flat, new construction down almost 70% - KCBD NewsChannel 11 Lubbock

Lubbock's economy flat, new construction down almost 70%

By James Clark - email

LUBBOCK, TX (KCBD) - Lubbock's economy actually declined slightly from December to January according to numbers released Tuesday by Lubbock National Bank.  The monthly study shows Lubbock's economic index dropped from 124.1 to 121.0.

"Construction permits were off about 70 percent from this time last year," says Lubbock National Bank Senior Vice President James Arnold.  New construction went from $41 million in January of last year to $13 million for January 2011.

"So that's not a good way to start the year off," Arnold says.

But that's not to say everything is doom and gloom. 

"I think February is gonna be a better month for us," Arnold says.  But January also had its bright spots.  "Retail sales were in positive territory for the first time in a long time."

Retail sales were up 3.3% and home values in Lubbock were up 5.5% compared to January 2010. 

"Commodity prices are up across the board. Oil prices, cotton prices, cattle prices are all in double-digit growth," Arnold says.   

Rising prices are great for cotton farmers, but the down side is that consumers pay more.  Lubbock's consumer price index is up 0.9% for January, which if annualized would be an inflation rate of 2.8%. 

The food/grocery sector of Lubbock's consumer prices are still down year-over-year but starting to rise when comparing January to December. 

Arnold says unemployment remains steady in Lubbock, which is one of the lowest rates in Texas.

Copyright 2011 KCBD NewsChannel 11.  All rights reserved.

  • Local News on KCBD.comNewsMore>>

  • After school shooting, Florida leaders propose new gun laws

    After school shooting, Florida leaders propose new gun laws

    Thursday, February 22 2018 11:34 PM EST2018-02-23 04:34:46 GMT
    Friday, February 23 2018 9:35 PM EST2018-02-24 02:35:38 GMT
    (Mike Stocker/South Florida Sun-Sentinel via AP). Mourners attend the funeral service for Marjory Stoneman Douglas High School assistant football coach, Aaron Feis. at the Church by the Glades in Coral Springs, Fla., Thursday, Feb. 22. 2018. Football p...(Mike Stocker/South Florida Sun-Sentinel via AP). Mourners attend the funeral service for Marjory Stoneman Douglas High School assistant football coach, Aaron Feis. at the Church by the Glades in Coral Springs, Fla., Thursday, Feb. 22. 2018. Football p...

    'Abject breakdown on all levels': Florida high school where ex-student accused of fatally shooting 17 people reopening to teachers Friday amid revelations an armed officer on campus did nothing to stop suspect,...

    'Abject breakdown on all levels': Florida high school where ex-student accused of fatally shooting 17 people reopening to teachers Friday amid revelations an armed officer on campus did nothing to stop suspect, other issues.

  • UPDATE: Man in custody in relation to Feb. 1 hit, run

    UPDATE: Man in custody in relation to Feb. 1 hit, run

    Friday, February 23 2018 9:35 PM EST2018-02-24 02:35:29 GMT
    46-year-old Melvin Verner Keele (Source: Lubbock County Detention Center)46-year-old Melvin Verner Keele (Source: Lubbock County Detention Center)

    46-year-old Melvin Keele is in custody and has been charged with failure to stop and render aid in regards to a hit and run crash that left 18-year-old Joey Aguero dead on Feb. 1.

    46-year-old Melvin Keele is in custody and has been charged with failure to stop and render aid in regards to a hit and run crash that left 18-year-old Joey Aguero dead on Feb. 1.

  • Ex-Trump aide pleads guilty, will cooperate in Russia probe

    Ex-Trump aide pleads guilty, will cooperate in Russia probe

    Friday, February 23 2018 12:14 AM EST2018-02-23 05:14:34 GMT
    Friday, February 23 2018 8:47 PM EST2018-02-24 01:47:31 GMT
    (AP Photo/Alex Brandon, File). FILE - in this Feb. 14, 2018, file photo, Rick Gates departs Federal District Court in Washington. In a dramatic escalation of pressure and stakes, special counsel Robert Mueller filed additional criminal charges Thursday...(AP Photo/Alex Brandon, File). FILE - in this Feb. 14, 2018, file photo, Rick Gates departs Federal District Court in Washington. In a dramatic escalation of pressure and stakes, special counsel Robert Mueller filed additional criminal charges Thursday...

    Special counsel Robert Mueller has filed additional criminal charges against President Donald Trump's former campaign chairman and his business associate.

    Special counsel Robert Mueller has filed additional criminal charges against President Donald Trump's former campaign chairman and his business associate.

Powered by Frankly