Lubbock economy rebounds to pre-recession levels - KCBD NewsChannel 11 Lubbock

Lubbock economy rebounds to pre-recession levels

LUBBOCK, TX (KCBD) -

The Lubbock economy reached a major milestone in January, according to the latest Lubbock Economic Index compiled by Lubbock National Bank.

The January 2013 index shows the local economy returned to its pre-recession peak last reached in September of 2008 just before the downturn in the Lubbock economy.

Housing construction spiked in January with the highest number of single-family residence construction permits recorded in the history of the index. Residential real estate posted a new record as well with a 47% jump over January of 2012 in closed home sales.

Auto sales also continue to expand at a rapid pace, and spending per January sales tax receipts, adjusted for inflation, is up by over 6%.

The rate of overall price increase in Lubbock was unchanged from December to January at 2.4%.

Copyright 2013 KCBD. All rights reserved.

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