Gains in construction permit values and home sales helped the Lubbock Economic Index flatten out in November, ending a 13-month skid. But those improvements served only to slightly reduce a year-over-year gap.

"It's too early to call an end to the current downturn as spending and unemployment are in negative territory," said James Arnold, executive vice president of Lubbock National Bank, which sponsors the index.

The index stood at 124.5 for November, down 6.6 percent from November 2008's level of 133.3. It uses January 1996 economic conditions as its baseline.

The value of all construction permits issued in November was nearly $15.2 million, about 4.3 percent ahead of November 2008's $14.6 million. But the sector total for the year to date, $310.93 million, is almost 32 percent behind 2008's level of $456.1 million.

Local builders pulled 38 permits for new homes in November, compared with 26 in November 2008, but on a year-to-date basis, new home construction activity is off about 20.4 percent, with 673 starts this year against 846 through November 2008.

Existing home sales were up nearly 60 percent from last November, with 257 closings compared with 161 the previous year. But the residential real estate market still trails 2008's year-to-date performance by slightly more than 6 percent, with 3,226 closings through November 2008, compared with 3,026 closings through November 2009.

Unemployment levels remained at 5.4 percent in November, which Arnold said is the highest rate Lubbock has seen in the index's 14-year history. Lubbock's unemployment rate in November 2008 was 3.9 percent.