It’s an exciting time to be living in Lubbock, Texas. The amazing smells of Evie Mae’s Beef Ribs fill the air. McPherson, llano Estacado and English Wineries are producing gold medal wines, on point with anywhere in the country. The Texas Tech men’s basketball team was 30 seconds away from a national championship; the men’s track team won the NCAA Championship; and the Red Raiders’ Meat Judging Team continued its dominant reign. Winning has infected the community culture, translating into a strong local economy. Things are great for the local consumer, but how is that playing out for multifamily investors? Here, the message is mixed. We will begin by discussing the Lubbock economy as a whole, then the key numbers for the Lubbock multifamily market, followed by a general discussion. Economic Outlook The Lubbock economy continues to perform at record levels. Per the Bureau of Labor Statistics, the city’s unemployment rate in June was 3.2 percent. As amazing as this number is, it actually represents an increase from the unemployment experienced in the two previous months. Over the last 12 months, the Lubbock economy added an estimated 2,000 new jobs. Per the Lubbock National Bank Economic Report, some of the …
