After more than eight years of unprecedented expansion the Lubbock economy is still going strong, creating more than 2,000 jobs in the last 12 months. At the same time, the unemployment rate in April and May hit an historic low of 2.3 percent, the lowest of any time dating back to January 1990. The national unemployment rate fell to 3.6 for the same period.
The Lubbock Economic Index has moved up to 154.8, an all-time high for components driving the local economy and the largest five-month gain since 2015. “We have a nice little trend going,” said Randy Laycock, Lubbock National Bank senior vice president.
The hospitality industry in Lubbock is one of the segments boosting the local economy.
“Travel and tourism is knocking it out of the park,” Laycock said, pointing to a 13.6 percent increase in the first five months of 2019 compared to 2018. “That's reflected in the increased number of rooms and hotels, bringing more people to Lubbock.”
Construction activity shows a strong rebound of 78 percent from May 2018, which was the lowest number of permits pulled in May since 2013, but even looking at construction in the January to May period, compared to the same time last year, shows a 24-percent gain.
Other engines powering the Lubbock economy include: