Record High Economic Activity in Lubbock, Newest Study Shows

Published 04/30 2014 01:56PM

Updated 04/30 2014 02:01PM

LUBBOCK, TX -- The Lubbock economy grew 4.5 percent when comparing March 2014 with March 2013 according to a monthly study released Wednesday by Lubbock National Bank. In March the Lubbock economic index reached a record-high level for the almost 20 years that such records have been kept.

New construction was up year-over-year. Job growth was also strong.

“Auto sales were up sharply compared to year-ago levels,” the monthly study said. “Auto sales were up by double-digit percentage points for the third straight month…”

Even after adjusting for inflation Lubbockites were spending 21% more for automobiles in March as compared to March of 2013.

Both new home construction and the sale of existing homes were down for the first quarter of 2014 according to the report. However, “On balance home sales activity in Lubbock … remains at a generally high and healthy level.”

The annualized inflation rate in Lubbock was 2.2% for March – a slight increase from February.

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