Business Report: Texas’ labor market looks good; Local small business owners recognized

LUBBOCK, Texas (KCBD) -The Texas labor market set a new record for jobs in February.

A new report from the Texas Workforce Commission shows Texas’ seasonally adjusted employment rose by 49,800 jobs, which marks the strongest monthly gain since January 2023.

The South Plains saw 200 new jobs in February. The region shows 161,300 people were employed. That’s up 2.2% from the year before. It brings Lubbock’s unemployment rate down 3.7%, lower than Texas’ seasonally adjusted rate at 3.9%. The nation’s unemployment rate is also 3.9%.

American’s rent is cheaper than mortgages

Renting is cheaper than buying a home in all of America’s largest metro areas, according to a recent report by Realtor.com.

The data shows because of elevated interest rates, mortgage payments in a starter home cost nearly $1,100 more than the monthly rent. Despite still higher rent costs, experts found rent prices in these areas decreased in all unit sizes in February.

The report shows the west and southern regions of the country had the most savings for renters. Areas like Austin and Seattle topped the list.

SBA West Texas District Office Announces 2024 Small Business Week Award Winners

The SBA West Texas District Office announced the National Small Business Week (NSBW) 2024 Award Winners including Small Business Person of the Year.

It chose Lubbock’s Soda Shack owners Marilee and Vaughn Bray as this year’s Small Business Persons of the Year for the Lubbock Area because of they exemplified excellence, innovation, and commitment to their local economy and community.

“We are especially proud of all of our winning West Texas small business enterprises who clearly represent the very best of West Texas,” said Calvin Davis, District Director of SBA’s West Texas District Office.

“As we approach National Small Business Week, a special acknowledgement is extended to all the existing West Texas small businesses from the Texas panhandle to the Permian Basin; from the West Texas & East New Mexico border all the way to the Big Country area. SBA sees your hard work and determination, as well as your grit and innovation which has greatly contributed to keeping our West Texas economy strong and vibrant. Your resilience does not go unnoticed. May you continue to stay strong and forever prosper.”

The U.S. Small Business Administration provides support to entrepreneurs by helping them start, build and grow their businesses.

Jersey Mikes partners with CMN

The Jersey Mikes locations in Lubbock gave back to a local non-profit on Wednesday as part of the business’ 14th Annual Day of Giving.

All day the sandwich shop gave 100% of its sales to help children through UMC’s Children’s Miracle Network.

The funds will help purchase state-of-the-art medical technology and services.

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