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

Economic report raises concern for Lubbock business

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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.

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