Lubbock economy continues record-setting growth
Every month, Lubbock National Bank releases an economic report detailing data and trends in the Lubbock economy. Taking into consideration a variety of economic indicators, the bank calculates the Lubbock Economic Index, which is a respected measurement of the overall health of the city’s economy.
In the most recent report, released last week, Lubbock National Bank announced that the index improved to a record 149.3 in December.
“The Lubbock economy finished the year on a high note,” the bank reported, “with the Lubbock Economic Index improving to a record 149.3 in December, up from 148.9 in November, and up 2.8% from the December 2014 LEI of 145.2. The pace of growth gained momentum in the final quarter of the year with a stout 5.4% annualized rate of increase in the fourth quarter.”
Several economic indicators, including auto purchases, airport traffic, new home permits, and residential real estate sales all improved in December 2016 compared to December 2015. These improved economic indicators helped boost the Lubbock Economic Index to new heights as 2016 drew to a close.
“Our economy is very healthy,” said Chip Gilmour, a senior vice president at Lubbock National Bank, according to the Lubbock Avalanche-Journal.
An analysis of the Lubbock Economic Index’s history shows that the index bottomed out at 118.4 in mid-2011. Since then, however, the Lubbock economy has come roaring back, increasing by nearly 25% in the past five years.
With a healthy economy, low unemployment rates, and a growing population, Lubbock remains an attractive market for commercial real estate. For more information about current real estate opportunities, contact a Coldwell Banker Commercial Capital Advisors specialist today.
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Contact: Garrett Haley, (806) 784-3219
Coldwell Banker Commercial Capital Advisors
Source: Lubbock National Bank