March 2024
Retail sales for February 2024 are up 2.41%. YTD retail sales are up 3.57% from last year. New vehicle sales saw an 8.47% increase from last February, while used vehicle sales are down 2.95%.
Hotel/Motel tax collections saw a 2.37% decrease from last February, while Airline boardings saw a 7.40% increase.
Workers Employed are up 2,400 over the last 12 months on the Employer Survey and 2,936 on the Household Survey. The labor force has increased 1.71% compared to February 2023 and wages are up 6.21%. Unemployment is down 2.63% compared to last year at this time. Lubbock's labor force continues to be healthy with continued job gains and a low unemployment rate. Employment will continue to increase over the next year due to Leprino adding jobs in the Lubbock market.
February Building Permits totaled $73 million, up 9.39% from last year. There were 172 new residential starts in February 2024, up 17.81% from last year. The median house price was $230,028, up 2.23% from one year ago.
Total building activity, both residential and commercial, were up $6 million from 2023. Residential is up $9 million or 2% and Commercial is down $3 million or 11%. There were more commercial building permits issued in January 2024 compared to January 2023, but the total dollars of permits were for smaller building projects with no large commercial building permits.
Oil prices compared to last year are up 9.25% and natural gas has dropped by 14.01%. Oil rig count has decreased from 14 to 11 from January 2024 to February 2024. Wheat is down 24.35%, corn is down 29.76% and cotton is up 7.36% since last year. Fat cattle are up 12.12% from one year ago, while milk prices are down 7.61%. Needed rainfall is still a factor for getting crops in the ground. The most recent rains have helped the moisture content, but more will be needed over the next couple of months.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Sales Tax Collections | $ 7,501,745 | $ 10,326,285 | $ 7,325,302 |
| Sales Tax Collection-YTD | $ 26,568,692 | $ 19,066,946 | $ 25,652,260 |
| New Vehicle Sales | 832 | 871 | 767 |
| Used Vehicle Sales | 1,775 | 1,516 | 1,829 |
| Airline Boardings | 41,898 | 36,915 | 39,010 |
| Hotel/Motel Receipt Tax | $ 605,255 | $ 1,020,330 | $ 619,962 |
| Population | 263,648 | 263,648 | 263,648 |
| Employment - CLF | 173,872 | 171,633 | 170,952 |
| Unemployment Rate | % 3.70 | % 3.40 | % 3.80 |
| Total Workers Employed (Household Survey) | 167,401 | 165,850 | 164,465 |
| Total Workers Employed (Employers Survey) | 161,300 | 160,200 | 158,900 |
| Average Weekly Wages | $ 1,026.00 | $ 1,026.00 | $ 966.00 |
| Gas | 78,536 | 78,508 | 77,420 |
| Interest Rates: 30 Year Mortgage Rates | % 7.000 | % 7.000 | % 6.625 |
| Building Permits Dollar Amount | $ 72,881,947 | $ 102,194,632 | $ 66,627,693 |
| Year to Date Permits | $ 175,076,576 | $ 102,194,632 | $ 119,865,546 |
| Residential Starts | 172 | 127 | 146 |
| Year To Date Starts | 299 | 127 | 276 |
| Median House Sold Price | $ 230,028 | $ 225,000 | $ 225,000 |
| Drilling Rigs In Panhandle | 11 | 14 | 12 |
| Oil Price Per Barrel | $ 79.72 | $ 78.87 | $ 72.97 |
| Natural Gas | $ 1.78 | $ 1.62 | $ 2.07 |
| Wheat Per Bushel | $ 5.84 | $ 6.09 | $ 7.72 |
| Fed Cattle Per CWT | $ 185.00 | $ 182.00 | $ 165.00 |
| Corn Per Bushel | $ 4.39 | $ 4.33 | $ 6.25 |
| Cotton (Cents Per Pound) | $ 88.11 | $ 78.80 | $ 82.07 |
| Milk | $ 16.40 | $ 16.20 | $ 17.75 |
| Index* | $ 267.68 | $ 285.97 | $ 253.89 |
*Base-100, January 1988
This document was prepared by Lubbock National Bank on behalf of itself for distribution in Lubbock, Texas and is provided for informational purposes only. The information, opinions, estimates and forecasts contained herein relate to specific dates and are subject to change without notice due to market and other fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources believed to be accurate, complete and/or correct. The information and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, sell or make any other investment decisions.
Economic Pulse Charts
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2024 Economic Analysis
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2023 Economic Analysis
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