Coming up roses! Lubbock’s July economic indexComing up roses! Lubbock’s July economic indexhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=106082015-09-23T05:00:00Z2015-09-23T15:00:00Z

​​LUBBOCK- Lubbock's Economic Index in July increased up to 146.1 from June's 145.6.

The monthly index is up 3.5 percent from its level of 141.1 in July 2014.

The increase is due to Lubbock's low unemployment rate at 3.8 percent and building activity throughout the city.

Chip Gilmour, Lubbock National Bank senior vice president, said Lubbock's economy should continue to grow.

"I think we've had about five months of steady increases," Gilmour said. "It looks good for our economy. Everything is coming up roses, right now."


Construction activity remains in record territory with a 44 percent increase.

About $50 million in permits were issued in July, which is the second highest amount for the month of July. The first-highest was $90 million in July 2005.

In 2015, there have been $429 million worth of permits purchased, which is the highest ever for the first seven months of the year.


In 2015, there have been about 536 permits issued, which represents one of the highest totals for the first seven months in a year since 2008.

There were about 2,448 closed sales through July, which is an increase of about 8 percent over the January-en dash no space July 2014 total.

Retail Sales

Spending is up 2.7 percent for the year through July, compared to the first seven months of 2014.

Total spending for the last 12 months, ending in July 2015, is up 3.5 percent compared to the total for the prior 12 months.


The number of cotton bales for the crop year ginned through the end of July is up 31 percent compared to a year ago.

Cotton prices are down about 11.4 percent compared to July 2014, which had prices at $67.55 — about $8 more than the July 2015 price.

http://lubbockonline.com/business/2015-09-17/construction-low-unemployment-rate-helps-lubbocks-july-economic-index-increase#.VgK8CZcsA6FSource: {Source}

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