No cannon, but Lubbock economy booms to new high

LUBBOCK – The Lubbock Economic Index reached a new high of 137.5 in September 2013. That is a 1.3-point increase from the 136.2 recorded in August 2013, and a more than 7 percent increase since September 2012, according to the Lubbock National Bank.

“Spending continues to improve, the Lubbock economy continues to add jobs, and construction, home building and existing home sales all improved by double-digit percentage points in the third quarter,” said James Arnold, executive vice president of Lubbock National Bank, the index’s sponsor.

However, two items in the index experienced a dip in their numbers. The study shows a possible unemployment rate of 4.6 percent for September 2013, more than 9 percent lower than last year.

Airline passenger enplanements also experienced a significant drop, but this is a phenomenon occurring in airports across the nation, according to Kelly Campbell of Lubbock Preston Smith International Airport.

Several factors play into the decrease in enplanements, specifically the expiration of the Wright Amendment, which controls flights in and out of Love Field in Dallas.

Southwest Airline is currently restrained to 56-passenger flights from Dallas Love Field Airport to airports within Texas and the four neighboring states: Louisiana, Arkansas, Oklahoma and New Mexico.

In less than a year, the restrictions will be lifted, allowing the company to fly non-stop from Dallas to any destination in the United States, including Lubbock.

Read more at the Lubbock Avalanche-Journal.