Chip Gilmour’s six takeaways from Lubbock National Bank’s August Lubbock Economic Index
- The Lubbock economy has now had five years of stable growth since August of 2011, expanding by 24 percent over that period.
- Average home sales price for the month was $196,499 – the highest ever!
- Lubbock’s employment rate stayed low at 3.8 percent, still third lowest in the state
- Low inflation rate of 1.4 percent was driven by continued declines in food/grocery items (food in particular) and miscellaneous goods and services along with low energy prices compared to year-ago levels. But they were offset by increases in housing prices and medical care.
- New home permits for the month were up 32.9 percent for August over last August and 16.3 percent up year to date.
Lubbock National Bank Senior Vice President Chip Gilmour briefs local media each month on the report.
To see the full report, click here
To see the Lubbock Avalanche-Journal story, click here