LUBBOCK, Texas — Despite losing several small businesses over the past few months, Lubbock’s economy has been on the rise throughout the most recent months of the pandemic.
“We are much closer to where we were prior to the pandemic coming to Lubbock than we expected to be,” said Lubbock Economic Development Alliance CEO John Osborne.
The city’s unemployment rate is down approximately 5 points from when the coronavirus first caused shutdowns back in April. The unemployment rate at that point was nearly 10 percent. Now, it fluctuates around 5 percent, according to Osborne.
“We’re seeing that there’s still some good signs in our economy that make it real hard to sit there and say, yes, this recession is a stronghold as what people anticipated,” said Osborne.
Osborne said that jobs in retail and construction have been on the rise, with over 1,000 new jobs in professional business services as well. However, there has still been an undeniable number of challenges, especially for small businesses.
Mayor Dan Pope said hope is on the horizon for those still struggling.
“I do know there are better days ahead,” said Mayor Pope. I know that many of our small businesses have found a way to improvise and to thrive.”
To help keep Lubbock’s economy strong, it comes down to supporting those small businesses.
“We’ve got to stay the course, we’ve got to support our local businesses, we need to do our takeout, we need to find a way to make sure they’re there as days get better,” said Mayor Pope.