Economic Report Hits Record Number

Chip Gilmour & George McMahan

Record construction numbers, auto sales and job market fuel high mark for Lubbock Economic Index

Boosted by more record construction numbers, a healthy jump in auto sales and a solid job market, the Lubbock Economic Index posted a large increase in May, jumping to a record 150.3 for the month up from 149 in April, and up 3.1 percent from the same month a year ago. The 1.3 points added in May is the largest monthly increase since April 2014, and moved the year-over-year growth rate in the Lubbock Economic Index back above 3 percent for the first time since March 2016.

Chip Gilmour, Lubbock National Bank senior vice president, briefed the media on the report and was joined by land developer George McMahan, past president of the West Texas Homebuilders Association.

Here are their takeaways from the May report:

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

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