As a result of a study performed by Impact DataSource, Austin, Texas, the following key industries in Lubbock were identified in the following groups.
- Advanced Technology
- Financial Services
Each of the key industries is comprised of several specific NAICS codes (North American Industry Classification System). Employment and wage information used in this study were obtained from the Texas Workforce Commission (TWC) and Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages(QCEW). Business revenues or economic output data were estimated by Impact DataSource using industry specific Bureau of Economic Analysis (BEA) RIMS II multiplier relationships. Impact DataSource also utilized RIMS II multipliers to estimate the economic impacts supported by the economic activity observed in the key industries. Additionally, Impact DataSource used local tax information to translate the estimated economic impacts into fiscal impacts for the city, county, and other local taxing districts.
The team at LEDA is dedicated to working with businesses looking to relocate to Lubbock, while also helping local businesses retain and expand their operations. Currently, LEDA has recognized a need within the City of Lubbock to specifically target businesses that fall into the following categories:
- Headquarters (Business Operations and Financial)
- Research and Technology
- Transportation and Logistics
- Diversified Manufacturing
- Bio and Techno-Agriculture
- Food Technology
- Other Specifically Manufactured Products