Article Claims Peril For Lubbock Economy - KCBD NewsChannel 11 Lubbock

10/3/08

Article Claims Peril For Lubbock Economy

An article that ran Friday in papers owned by McClatchy Newspapers says that Lubbock, Amarillo and San Angelo economies are not doing well.  We were put into the category of metros that are either in recession or are at risk of recession. 

Oddly though, the article says that oil, healthcare and higher education are doing well.  Five of the top 10 oil producing counties in Texas are within a two-hour drive of Lubbock.  As you may already know healthcare and higher education are staples of the Lubbock economy. 

So are we really in bad shape? Lubbock Chamber President Eddie McBride says, "We're pertty sure our local economy is doing well." He also says, "That article is either unclear or it's wrong.   Either way it's misleading."

It is fair to point out that Lubbock has a slowdown in new home construction.  But the latest report from LEDA and Lubbock National Bank shows that commercial construction is up, hotel occupancy is up, and auto sales are up.  Numbers from the Texas Wokforce Commission show that Lubbock's unemployment rate is fourth best in Texas right now.

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