It seems that the 200,000 and up populated cities in Texas are the ones feeling the pinch. On the other hand, mom and pops don't get as much press as when National franchisees are impacted.
Lubbock economy struggling with larger recession
(Economy : Lubbock) 6/27/2009
Lubbock's economy is feeling the weight of the larger national recession as consumers reeled in their wallets in May, according to the Lubbock Economic Index.
"We continue to see the effects of the broader overall economy. Retail sales are relatively flat and construction continues on an overall decline," said James Arnold, executive vice president of Lubbock National Bank.
The May economic index included the following statistics:
- Airline boardings: down 7.4 percent from May 2008;
- Construction permits: down 9.8 percent;
- Employment: down 0.6 percent;
- Home sales: down 9.4 percent;
- Average home price: down 11.1 percent;
- Retail sales: down 2.5 percent.
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