Lubbock's economic index up all around - KCBD NewsChannel 11 Lubbock

Lubbock's economic index up all around

Lubbock Skyline (Source: KCBD) Lubbock Skyline (Source: KCBD)
LUBBOCK, TX (KCBD) -

The Lubbock National Bank economic index numbers are in for July, and officials say Lubbock continues to see positive growth. Consumer spending shows an increase for the first time this year, up more than 3 and a half percent from the previous year. 

Housing saw the same percentage increase, even though the average sale price of homes went up, meaning if you're selling your home, you're looking to make a profit. Building permit activity is up over 9 percent from last July, its highest monthly total since 2005.

That's the biggest news because if you remember last year we saw a 40 percent increase in building permits, so building activity in Lubbock is still in a boom-type mode," said Chip Gilmour, Senior Vice President at Lubbock National Bank.

Gilmour says unemployment is also attractive, sitting at almost 2 and a half percent for Lubbock. That's the 3rd lowest unemployment rate in the state, following Amarillo and Austin.    

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