Economic report raises concern for Lubbock business - KCBD NewsChannel 11 Lubbock

Economic report raises concern for Lubbock business

Posted: Updated:
LUBBOCK, TX (KCBD) -

Unemployment is up and construction permits are down as Lubbock National Bank released its 3rd quarter economic index Friday.

Home values are up 4 percent compared to this time last year. Retail sales are also up 2 percent.

Unemployment is 6.5 percent, compared to 4.5 percent this time last year - although Lubbock still has one of the lowest unemployment rates in the state.

Construction permits are down 30 percent, which is causing some concern, according to Lubbock National Bank Senior Vice President James Arnold.

"There's a lot of money still on the sidelines," Arnold said. "The only major projects you've got going in Lubbock right now are what's going on in Overton. The multi-family projects are going up or are on the drawing board there - the Marsha Sharp project is wrapping up. There's little permitting going on with that. The parking garage is finished. There aren't a whole lot of projects that could affect that number in a positive way that I see on the horizon."

Arnold says the lack of construction permits is a cause for concern because construction is a pipeline into all the other parts of the economy.

Copyright 2011 KCBD NewsChannel 11

Powered by WorldNow

5600 Avenue A
Lubbock, TX. 79404

FCC Public File
publicfile@kcbd.com
806-744-1414
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KCBD. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.