I can’t say I was surprised by a BusinessWeek/PolicyMap.com story that suggested Lubbock would cope much better than other cities during an economic downturn.
In fact, the city ranked 11th among 20 that would stand up well given a number of factors, including education and health care – which the report said add an extra buffer during a recession.
Are we in one? As many economists will lament, you usually find out you’re in recession after you’ve came out of the tunnel.
Lubbock strengths have been documented over and over again.
The report cited the city’s location in an energy center.
We may not produce any oil and gas, but Lubbock is the beneficiary of production that goes on in all directions around us.
People making it in the oil patch tend to spend that money here, whether they’re coming up from the Permian Basin for a Texas Tech game or driving over from eastern New Mexico for some weekend shopping.
In its selection of 20 bulletproof cities, the report cited a number of them where education played a prominent role.
It said while such institutions may not flourish during a downtown, they also don’t go out of business.
Lubbock is blessed to have the presence of Texas Tech, in itself an economic engine, along with Lubbock Christian University, Wayland Baptist University and South Plains College.
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This article by Chris Van Wagenen appear on Lubbock Online on Sunday October 19, 2008.