Lubbock Economic Index from first quarter released

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Updated: 5/04/2013 10:55 pm

The economic numbers seem to be painting a nice picture for Lubbock for the ending of the first quarter. The index increased more then 8%, rising to an overall average of 133.5,  an all-time high for Lubbock.

It's also the 14th consecutive month that the city has had an increase.

Lubbock National bank senior vice president James Arnold said while the weather conditions could halt some growth due to the lack of rain for agriculture, it's consumers outlook and low-interest rates that really have an impact on the city's economy.

"Consumer confidence really seems to be at an all-time high, and with interest rates being at a continued low-rate environment, some predictions are mortgage reates will go even lower," Arnold said. "So, in this low-rate environment, coupled with a high consumer confidence- you'll see alot of people going out and spending money- whether that's in the retail environment, automobile sales and the housing market."

To break down some of that growth:

Retail sales jumped 7.7%

Automobile sales rose 11.1%

Construction permits went up 25%

Home sales rose 35%, with permits for housing rising a whopping 60 %

The unemployment rate remained at its average which is 5.3%.

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