Lubbock TX, or the “Hub City”, first gained its nickname from the hub intersection at which all roads met when crossing West Texas. Although, the hub is long gone, Lubbock still retains its nickname… Why? Because it is, truly, the center of – well – just about everything in the Southwest. Education, medicine, business, agriculture, and art all find focus in Lubbock. This makes it great for businesses.
Lubbock Business Rankings
Forbes Rankings
- #40 Best Places for Business and Careers
- #32 in Cost of Doing Business
- #22 in Job Growth
- #120 in Education
Other Rankings
- 10 Cheapest Cities to Start a Business (source)
- Rawls College at Texas Tech University, Top 3 in Business Schools (source)
- Home of 2015’s Top Employer in Texas rated by Employee Satisfaction (source)
- No. 25 Best City for Commercial Loans (source)
- No. 11 Best City for Young Entrepreneurs (source)
Qualified Employees
Regardless of the type of business you run or wish to open, you can find the employees you need in Lubbock. While Lubbock has only a 3.5% unemployment rate, it is also experiencing a 14% population growth every year.
This population is made of people moving in to get jobs in the many different markets of the area. The health care system in Lubbock is huge, with three large hospitals. These hospitals, including a medical school, also have clinics and emergency rooms throughout the South Plains. Employees of all skills levels are constantly sought to fill these positions, bringing people to the area.
The agricultural industry is also not only flexible, but thriving. The academic realm (Lubbock has two major universities and several satellites) also provide a wide range of employment opportunities and skilled workers, and the workforce responds.
Roughly 31% of residents of Lubbock have at least a bachelor’s degree, making this area very attractive to medical, academic, engineering, architectural, and tech industries.
Growing City
With an annual growth rate of 14%, it means that your business has a customer base that is already growing. You only need to fill in the gap with your product. In fact, Lubbock has approximately ½ as many businesses as other cities of its size!
Lubbock is not a small town. The steady population is right at 225,000, with an additional 35,000 in town when college is in session. As a big city, your business has great opportunity to become established and to grow right along with the population. If your brand is already established, so much the better!
Real Estate
Real estate in Lubbock is some of the most affordable in the country. This is true for residential as well as commercial property, which makes it much easier to recruit or transplant employees. Employees can live comfortably in Lubbock, with a park within walking distance, for less than ½ of what it costs in other cities of similar sizes.
Prime real estate is still available in Lubbock. This hub of the Plains has downtown, urban, and suburban property available, with business-friendly zoning and business-friendly taxes.
Taxes
The Lubbock tax structure is designed to help businesses get a solid footing in the area. Breaks on renovations and/or new construction make your facilities more affordable than most other comparable cities, and far better than larger ones. For self employed entrepreneurs, the absence of a state, city, and county income tax make doing business here affordable.
Transportation
As large as Lubbock is, you can still get just about anywhere in Lubbock in about 20 minutes. In addition, the city has State and Interstate highways running directly to the city, as well as the only international airport in the area. Interstate 27 runs north from Lubbock, and US 62/82 runs east/west. US 84 runs diagonally on a NW/SE route. Businesses can also get rail service in Lubbock.
So, if you are looking for a place to expand your business, or for a city that will be a great home for a startup, take a good look at Lubbock, TX. It has a lot to offer in a small package.
About the Author
Ron Hettler is the President of the Lubbock Business Association and the President of Hettler Insurance Agency. Hettler provides insurance services to small businesses throughout Texas including commercial property, auto, worker’s compensation and more.