Home sales, auto spending provide strong economic growth from April to May

Lubbock Skyline (Source: KCBD)
Lubbock Skyline (Source: KCBD)
Updated: Jul. 12, 2017 at 10:17 PM CDT
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LUBBOCK, TX (KCBD) - The Lubbock Economic Index posted its biggest monthly increase in more than two years from April to May of 2017.

The index jumped to 150.3 in May from 149 in April.

The growth was fueled mainly by building indicators.

The May building permit valuation surpassed $200 million, that's the highest one-month total ever.

May monthly records were also set in home sales and auto spending.

However, that good economic news was tempered somewhat by stagnant retail sales.

May sales receipts showed a slight decrease over May of last year.

Lubbock's unemployment rate remains at a low 3.2 percent with 1,600 jobs added in the past 12 months.

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