Economic index shows housing market up, unemployment down
LUBBOCK, TX (KCBD) - Lubbock's economy is on the rise right now. According to officials with the Lubbock National Bank, we saw a steady increase in the city's economic index from October to November.
The city added an estimated 2,100 jobs over the last 12 months. The unemployment rate is at it's lowest level in 16 years at just 3 percent.
Officials say this report showed 111 percent increase in residential housing permits, which is the largest percent increase Lubbock's ever seen in just one month.
"If you look at the housing figures for the year it's up 30 percent, so residential housing is enjoying huge growth right now, so that's a real plus for our economy," said Chip Gilmour, senior vice president at Lubbock National Bank.
Overall, Gilmour says the city's economic index is up 2.7 percent from the same time last year.
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