Lubbock Economic Index Up from 2013

According to a monthly study by Lubbock National Bank, the Lubbock economy remained flat from January to February 2014.
By Abigail Arroyos

LUBBOCK, TX -- According to a monthly study by Lubbock National Bank, the Lubbock economy remained flat from January to February 2014.

However, according to the index, two trends - retail sales and payroll employment - indicated that Lubbock's economy is still growing, and that Lubbock has one of the best Texas metro-area economies.

Taxable spending per sales tax receipts was up from February of 2013, and employment growth also increased from last year.

Other things that were up included auto sales from last year - an almost 20 percent surge compared to last February.

Housing construction was up between January and February this year. But, compared to 2013's hot start in housing, the number of construction permits was slightly down. Existing home sales are also slightly down from last month as well as last year; home sales declined from last February by 12 percent, but according to the study, that is most likely a normal dip in sales.

The Lubbock Consumer Price Index also remained unchanged since January, at just over 2 percent.
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