Lubbock Economy Growing Better than the Nation



Randy Laycock

Lubbock economy growing better than the nation, fueled by consumer spending, low jobless numbers and more

Nearly eight years into an economic expansion, Lubbock’s economy is still growing strong. It’s growing faster than the U.S. economy. The Lubbock Economic Index grew 5.8 percent at an annual rate in the second quarter and 2.7 percent in June compared to June 2018.

“Economic growth in Lubbock has actually gained momentum in 2019 and certainly did so the second quarter of the year,” said Randy Laycock, senior vice president at Lubbock National Bank, while briefing media on the bank’s monthly Economic Index report.

“We've always talked about how diverse the economy is for Lubbock. That keeps us from those highs and lows we see in other areas of the country.”

Consumer spending was a big part of those numbers:

“I believe consumers still have confidence and are willing to spend those dollars,” Laycock said. Behind that spending is job growth.

“Employment has shown steady and continuous growth for seven straight years,” Laycock said. “Lubbock has not experienced that year-over-year decline in employment since March of 2012. Over that time, we've added over 19,000 jobs.”

Job figures for June show an increase of 2,300 jobs compared to June 2018, or a 1.5 percent increase. Unemployment is June was 3.2 percent, the lowest June figure in more than 20 years.

Other engines powering the Lubbock economy include:



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