The Federal Bank of Dallas reports Texas exports declined 3.4 percent in the second quarter and were 7.6% lower than in second quarter 2015. Although Texas exports have been declining year over year, Texas is ranked the number one state by export revenues. The State of Texas’ economy is good but beginning to show signs of a slowdown. The Dallas Fed Regional Economic Update suggests that even though labor markets are strong and the energy industry is on the rise, Texas exports will likely continue to decline even as U.S. exports remain flat.
While all indicators reflect signs of a slower economy, Texas is predicted to continue to outpace the national economy in 2016 and into 2017. Reports suggest continued strength in the state’s labor …show more content…
Year in and year out, despite any obstacles, the Lubbock economy continues to steadfastly foster new development. The economy is diverse with a majority of the labor force employed in the service sector, followed by the wholesale/retail trade sector, government, and manufacturing. Major employers include city and county government, the medical district, and Texas Tech University. Activity within the real estate market has increased over the past two years due to more favorable economic climate and lower interest rates, with both residential and commercial construction on the upswing. Lubbock’s economy has seemed to ‘buck the trend’ in regards to several national economic indicators. The Lubbock economy grew 3.4% in 2015, which is the 5th best in the state. This was fueled by retail/wholesale trade and transportation. These sectors saw a year-to-year increase of 1,000 jobs. Sales of new and used vehicles were up 11%. Retail sales were up 2.4% in the 2nd quarter of 2016. Lubbock reported a 13.8% increase in existing home sales. Strong consumer spending is driven by the city’s low unemployment rate. Lubbock has maintained an unemployment rate of …show more content…
FirstBank continues to set itself apart in order to increase market share. As previously mentioned, FirstBank has a 32% market share in Lubbock. The bank has been able to maintain that market share by continued advertising and sponsorship of local charity events. For example, the bank has signage on the scoreboard at Texas Tech University’s football stadium. FirstBank also sponsors the instant replays and has a luxury suite in the press box. The bank sponsors several charity events throughout the year, including United Way, March of Dimes, and the National Kidney
While all indicators reflect signs of a slower economy, Texas is predicted to continue to outpace the national economy in 2016 and into 2017. Reports suggest continued strength in the state’s labor …show more content…
Year in and year out, despite any obstacles, the Lubbock economy continues to steadfastly foster new development. The economy is diverse with a majority of the labor force employed in the service sector, followed by the wholesale/retail trade sector, government, and manufacturing. Major employers include city and county government, the medical district, and Texas Tech University. Activity within the real estate market has increased over the past two years due to more favorable economic climate and lower interest rates, with both residential and commercial construction on the upswing. Lubbock’s economy has seemed to ‘buck the trend’ in regards to several national economic indicators. The Lubbock economy grew 3.4% in 2015, which is the 5th best in the state. This was fueled by retail/wholesale trade and transportation. These sectors saw a year-to-year increase of 1,000 jobs. Sales of new and used vehicles were up 11%. Retail sales were up 2.4% in the 2nd quarter of 2016. Lubbock reported a 13.8% increase in existing home sales. Strong consumer spending is driven by the city’s low unemployment rate. Lubbock has maintained an unemployment rate of …show more content…
FirstBank continues to set itself apart in order to increase market share. As previously mentioned, FirstBank has a 32% market share in Lubbock. The bank has been able to maintain that market share by continued advertising and sponsorship of local charity events. For example, the bank has signage on the scoreboard at Texas Tech University’s football stadium. FirstBank also sponsors the instant replays and has a luxury suite in the press box. The bank sponsors several charity events throughout the year, including United Way, March of Dimes, and the National Kidney