Economic Analysis

Download as PDF

April 2022

The 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.

 April 2022

Current Month

Last Month

Last Year

 Sales Tax Collections

$6,623,551

$6,859,266

$5,539,130

 Sales Tax Collection-YTD

$30,770,815

$24,147,263

$25,625,420

 New Vehicle Sales

727

789

835

 Used Vehicle Sales

2,098

 1,901

2,424

 Airline Boardings

39,434

30,538

31,075

 Hotel/Motel Receipt Tax

$641,182

$521,485

$743,675

 Population - Corporate Amarillo

263,648

263,648

252,506

 Employment - CLF

169,642

169,384

166,332

 Unemployment Rate

3.00%

3.70%

5.20%

 Total Workers Employed (Household Survey)

164,547

163,113

157,726

 Total Workers Employed (Employers Survey) 

155,000

154,800

147,400

 Average Weekly Wages

$928.00

$928.00

$892.00

 Gas

77,438

76,554

75,278

Interest Rates: 30 Year Mortgage Rates

5.500%

5.250%

3.000%

 Building Permits Dollar Amount

$72,961,124

$206,043,168

$75,056,223

 Year to Date Permits

$461,821,152

$388,860,028

$218,559,146

 Residential Starts

198

241

225

 Year To Date Starts

760

562

62

 Six Months Trailing

$747,327

$733,867

$482,150

 Median House Sold Price

$261,000

$229,900

$274,300

 Drilling Rigs In Panhandle

6

6

5

 Oil Price Per Barrel

$106.95

$96.18

$63.06

 Natural Gas

$7.30

$4.54

$2.66

 Wheat Per Bushel

$11.00

$11.35

$6.54

 Fed Cattle Per CWT

$155.00

$148.00

$120.50

 Corn Per Bushel

$7.35

$7.60

$6.54

 Cotton (Cents Per Pound)

$99.77

$95.90

$72.10

Milk

$24.00

$22.00

$17.59

Index*

385.89

355.00

 

*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.

 

Trends & Comparisons

  Amarillo Lubbock Midland Odessa
  Actual Actual Actual Actual
         
Retail Sales Tax $6,854,426 $6,623,551 $5,075,581 $4,492,581 
Airline Boarding 27,603 39,434 49,384 (Odessa Included)  
Hotel/Motel Tax $551,348 $641,182   $99,657
         
Building Permits March $18,099,900 $72,961,124    $750,000
Housing Starts MTD 46 198   87
Housing Starts YTD 188 760    276 
         
New Vehicle Sales 537 727 1,324 (Odessa Included)  
Used Vehicle Sales 1,586 2,098  2,069 (Odessa Included)  
         
Workers Employed        
    House Survey 132,798 164,547 100,733 77,407
    Employer's Survey 124,300 155,000  105,300 74,000
Civil Labor Force 136,476 169,642 104,383 81,556
Unemployment Rate 2.7% 3.00% 3.5% 5.1%

 

Back to Top