Monthly economic index shows local economy thriving

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Updated: 8/08/2013 1:15 am
Continued improvement was reported in the monthly local economic index issued by Lubbock National Bank.

In addition to a 5.3 percent uneployment rate, the report showed a 5.8 percent increase in retail sales compared to 2012, and 19 percent increase in home sales from last year at this time.

The average sale price for new and existing properties also increased slightly by 2.9 percent.

Sr. Vice President at Lubbock National Bank James Arnold said this month's report was very solid. 

"We continue to see expansion in the Lubbock economy," Arnold said, "solid expansion with retail sales and housing and low unemployment. So, another solid month, another solid quarter for Lubbock, in record territory."

The report shows, however, that construction permits for the past quarter were down 16.8 percent from the same quarter in 2012. 

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