Lubbock economy reaches milestone

LUBBOCK – Lubbock Economic Index (LEI) numbers for January reflect the local economy has officially recovered to prerecession levels. The Economic Index and Consumer Price Index posted 131.6 in January, which was last reached by the LEI in September 2008.

The sharp month-to-month increase to 131.6 from 130.5 in December 2012 is a staggering 8.2 percent jump from the LEI posting of 121.6 for the same month last year, according to James Arnold with Lubbock National Bank.

The $46.3 million in permits for January 2013 was second only to January 2008’s $59 million. New single-family housing construction permits, at 115, were the highest number of permits in the LEI history.

The residential real estate market posted a new record as well, with the 217 sales closed the highest on record for any January reporting, and a 47 percent increase over January 2012.

The average home sale price for January was up 13.5 percent year over year, and also a record. The monthly total dollar volume of activity posted a 66 percent increase over January 2012.

Auto sales continue to post strong numbers, with spending up more than 24 percent compared to January 2012.

Read more at the Lubbock Avalanche-Journal.