LUBBOCK - The Lubbock Economic Index is now just about 2 percent off its peak value achieved in September 2008.
Spending indicators remain on the rise, with construction permits, auto sales and existing home sales showing significant increases, while the unemployment rate remains steady dipping below 5 percent in October for the first time since 2009.
October sales tax receipts show inflation-adjusted spending to be up about 3 percent compared to the same time a year ago, which was up 6 percent from 2010. Year to date through October taxable spending is up by 5.3 percent over the same time last year.
Auto sales rose 25 percent in October 2012 compared to October 2011. Year-to-date auto spending is up by more than 19 percent compared to the first ten months of 2011.
Lubbock’s building permit valuation total was among the highest ever recorded, and is by far the highest for any October total on record.
The city issued permits for about $29 million in new housing units in October, including more than $18 million in new single-family residences. Permits totaling $15 million for new school construction were also issued in October.
The number of new single-family residential construction permits issued in October was nearly double the total issued in October for the last couple of years. Year to date, the number of single-family construction permits is up by close to 30 percent compared to the same time period last year.
The number of closed sales topped the year-ago total by more than 25 percent, and the average sales price was more than 8 percent higher than October 2011.
Read more at the Lubbock Avalanche-Journal.