Lubbock economy continues to grow, though general spending dropped in July

LUBBOCK, TX (KCBD) - Overall, the Lubbock economy continues to grow, but the July Economic Index released by Lubbock National Bank on Wednesday does show general spending is down compared to a year ago.

Spending based on sales tax receipts for July dropped 3.3% compared to July of 2014. Year to date, though, spending is up 2.7% compared to the first seven months of 2014.

Auto sales also fell in July, down 6% compared to a year ago. The July 2014 auto sales total was particularly strong, however, up by more than 16% compared to July of 2013.

Construction activity in Lubbock remains in record territory. The valuation of all building permits issued in July is up by more than 44% compared to a year ago. The $50-million in permits issued is the second highest total ever from the month of July. The record is $90-million issued in July of 2005.

Housing sales also remain in record territory. The number of homes sold in July reached to 439. That's up by more than 12% compared to a year ago, and is the second highest July total on record. The highest total came in July of 2013 with 468 sales.

The average home sale price is down slightly from July of last year, going from $168,269 to $166,825.

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