Lubbock Economic Index's largest gain of the yearLubbock Economic Index's largest gain of the yearhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=33922014-08-13T14:26:00Z2014-08-13T00:00:00Z

LUBBOCK - The Lubbock Economic Index achieved its largest month-to-month gain of the year in June, thanks to the falling unemployment rate and the dollars spent on auto purchases, according to data released by Lubbock National Bank.

The index rose a full point to 141.6, up from 140.6 in May and up 4.3 percent from 135.8 in June 2013.

The unemployment rate for Lubbock has dropped almost 24 percent since the previous June, going from 5.9 percent in June 2013 to 4.5 percent this year. It is down 22 percent year to date, despite seeing a slight increase compared to last month, when it was at a surprising 3.8 percent.

Dollars spent on auto purchases was another big reason for the positive numbers, as 2014’s second quarter experienced a 12 percent increase compared to a year ago. Year-to-date, dollars spent on automobiles are up almost 15 percent.

Overall construction permit values were another statistical area that pushed the numbers.

In 2Q 2014, the city issued building permits with values totaling a little more than $148 million, up about 22 percent from $121 million in 2013.

The average home sale price in 2Q 2014 was up 7.5 percent compared to last year. On a year-to-date basis, the average home sale price is $161,641 this year, up from $153,493 in 2Q 2013.

Lubbock Avalanche-Journal
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