The Lubbock economy is expected to flourish around the end of the year thanks to the cotton industry.
Industry experts say this year seems to be panning out better, which will put more money into the economy.
The market demanded a lot of cotton in 2022. That year, nearly 14 million acres of cotton was planted in the United States. The CEO of Plains Cotton Growers, Kody Bessent, said there were nearly five million acres planted in the 42 counties from New Mexico to Motley County and from the Oklahoma border down toward Midland. He said most of what was planted last year didn’t make it past the ground.
“Due to Mother Nature, we had a lot of acres that were never taken to harvest,” Bessent said.
According to the USDA, there’s not as much cotton in the ground across the United States in 2023. Bessent said that’s also the case closer to the Hub City.
“We’re estimating anywhere from 3.2 to 3.5 million acres within our service area,” Bessent said.
This year, Bessent said drought conditions are better, so farmers should be able to get a better yield.
“It’s still yet to be determined, but we’re certainly better off to the races right now than where we were last year,” Bessent said.
That means more jobs will be available in gins and warehouses.
“We’ll be able to hire a lot more seasonal-based employment because of the influx, and what the necessary demands are placed upon them to move that crop from its origination point to overseas markets,” Bessent said.
With more job opportunities, Bessent said more money will be flowing through the economy.
“We can spend more on going out and eating at local businesses restaurants, or spending more disposable income at the grocery store, and not having as big of a tight demand that we’ve seen in the last couple of years,” Bessent said.
To stay on the better track, Bessent said it all depends on a good weather pattern to keep that cotton in good shape.
Source: https://www.kcbd.com/