Lubbock housing, retail sales hot with record high

LUBBOCK – The Lubbock economic index, influenced by home sales and retail activity, hit a record high in April 2013.

The index, announced May 28 by Lubbock National Bank, stood at 134.5 in April 2013, up 8.5 percent from 123.9 from April 2012. On a month-to-month basis, the index rose a full point from 133.5 in March 2013.

James Arnold, executive vice president of Lubbock National Bank, said that retail spending based on April 2013 sales tax receipts was up nearly 7 percent from April 2012 levels. For the first four months 2013 retail spending is up 7.5 percent from 2012.

Arnold noted both existing home sales and new construction are running well ahead of last year’s pace.

Local home builders took out 108 construction permits in April 2013, compared with 67 in April 2012. Additionally, local real estate agents closed 354 sales in April 2013, compared with 280 in April 2012.

Read more at the Lubbock Avalanche-Journal.