Lubbock Economy Remains Strong - KCBD NewsChannel 11 Lubbock

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Lubbock Economy Remains Strong

The Lubbock economy continues to remain stronger than most Texas cities. That news was announced on Tuesday by American State Bank Senior Vice-President Greg Jones. Jones picked a home under construction at 3413 Fordham as a sign that home building remains a strong point in Lubbock.  "It's pretty good to be in Lubbock and West Texas. Right now we're a lot better off than a lot of places are," says Jones.  

The report says the Lubbock economy is one of nine metro areas that has more jobs this year than it did last year.

Here are the key points of Ingham's report:

  • The local economy trended downward for the first six months of 2002; however, the decline is generally related to an economic slowdown as a whole in Texas, and in its various metropolitan areas, as opposed to an indication of any structural weakness in the Lubbock economy.
  • The national economic slowdown of 2001 (and slow recovery in 2002) has finally come home to roost in Texas; fewer jobs exist in the state compared to June of a year ago, and statewide inflation-adjusted retail sales are down some 5%.
  • Only a third of the 27 metro areas of Texas have more jobs than a year ago, and those that do are positive by smaller margins than in the past; Lubbock is one of those cities. Our employment growth was only .7% over the last 12 months, but that still ranks fifth-best in Texas; and our unemployment rate is the second-lowest.
  • Even though the Lubbock economy is experiencing some cyclical weakness at present, the basic underpinnings of the economy remain very strong; home building continues at a record pace in the city and sales and values of existing homes are more than impressive.
  • Depending on the timing and vigor of national economic recovery, the state and local economies should bounce back in the third quarter of 2002.
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