Economic Analysis |
April 2022The Lubbock Economy continues to remain strong coming out of the pandemic, Lubbock’s highly skilled and educated workforce, proximity and connection to major national and international markets, and affordable utility and living costs drives the local economy. Lubbock’s diverse economy based on manufacturing, agriculture, wholesale and retail trade services, as well as government, education and health care move the business and employment opportunities that drives the Lubbock economy in 2022. Retail sales for March 2022 are up 20% when compared to March 2021 and 25% from three years ago. New vehicle sales are down 13% from last March due to supply shortages, and down 33% from March 2019. Used vehicle sales are down 13% compared to March 2021, and 13% from three years ago. Tourism is recovering, with strength in the motel tax collections, but are still down 14% compared to March 2021 and up 5% compared to three years ago. Airline boarding’s are beginning to recover, indicated by the 27% increase since March 2021; however, they are still down 13% when compared to 2019. Workers employed are up 5,000 over 12 months ago on both the household and employer survey. The labor force has increased 2% compared to March 2021 and 3% from three years ago. Wages are up 4% from last year and 12% from three years ago. Construction is starting to slow down with the dollar amount of building permits issued down 3% compared to last year and up 21% from three years ago. YTD is $461,821,152, up 111% from last year. Residential construction starts for March 2022 are down 12% compared to one year ago and up 4% from three years ago. The median house price for March 2022 $261,000 compared to $274,300 one year ago and $195,057 three years ago. Commodities all show higher prices, with oil up 70% since March 2021 and natural gas up 174%, boosting the rig count to six from five since last year. For March 2022, wheat is up 68%, corn is up 12% and cotton is up 38% when compared to March 2021. Fat cattle are up 29% for the month when compared to March one year ago. Milk prices are up 36% from last March; higher input costs have cut profitability for dairy producers.
*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.
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