Economic index continues to improve in Lubbock

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Updated: 9/12/2013 6:04 pm
There is more good news on the economic front for Lubbock.

The economic index from Lubbock National Bank marks its 18th-straight monthly increase in July with a new record high at 135.8.
     
Among the report's highlights, retail sales went up six percent for the year to date, and the unemployment rate was 5.8 percent, which is the seventh lowest in the state. 
      
Lubbock National Bank Vice President James Arnold said July was a record month in the housing market. 
 
"New permits are up about 42 percent," Arnold said. "The number of homes sold are up 50 percent from this time last year. The average price increase for the month of July was 4.5 percent. That's a year to date average of about a five percent appreciation in home values." 

One indicator heading lower is construction permits, which were down by 4.6 percent compared to the first seven months of 2012.
     
Arnold attributed that to several major projects coming closer to completion.
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