Lubbock economic index pushes to record levels

LUBBOCK – The index for November rose to 130.3, up 7.2 percent from its November 2011 level, and within sight of the economic tracker’s September 2008 peak of 131.6, according to figures released by Lubbock National Bank.

The Lubbock retail sector had its best November on record, with sales of $247.3 million, up 4.8 percent from November 2011’s sales. Year to date, retail sales totaled more than $2.44 billion, 5.3 percent above 2011’s pace.

Values on construction permits taken out in November totaled almost $38.4 million, more than double the $16.2 million in permits taken out a year earlier.

For the first 11 months of the year, construction permit values total more than $423 million, about 62 percent ahead of the same period in 2011.

Existing home sales increased 44 percent from November 2011, according to Cade Fowler with the Lubbock Association of Realtors. The total dollar volume for the year is up more than 50 percent from 2011, and inventory has shrunk to a level where Lubbock is becoming a seller’s market.

Read more at the Lubbock Avalanche-Journal.