The POLICOM Corporation, an independent economic research firm, recently conducted an analysis of the Amarillo economy. The results of the study produced a recommended target list of industries for the Amarillo EDC's use in its business recruitment and retention efforts. In the analysis, POLICOM followed a process of elimination or inclusion based on a business's annual average wage, geographical location, and various historical industry data.
The final target list includes industries that are likely to expand or relocate to Amarillo and pay an average wage that is equal to or greater than the average wage of basic or primary industry jobs in the Amarillo labor market for the current year.
POLICOM's recommended target industries, combined with Amarillo EDC's resources and experienced leadership and staff, has focused the Amarillo EDC's efforts tremendously and ultimately improved the quality of the local economy.
Amarillo EDC's target industries are evaluated on a yearly basis to ensure the organization's strategic direction is in alignment with business trends and the overall economic climate.
AMARILLO EDC'S FIVE TARGET INDUSTRIES:
Aviation/Aerospace – Focuses in this industry mix include aircraft manufacturing; aircraft engine and engine parts manufacturing; and aircraft maintenance, repair and overhaul (MRO). Amarillo is home to a leader in the vertical flight industry: Bell Helicopter. The Amarillo EDC also markets to suppliers of current Amarillo aviation companies, which will attract new growth in the local industry and help the current company base flourish.
Business & Financial Services – The Amarillo EDC is focused on large insurance companies in this industry mix. The current base of business and financial service companies located in Amarillo is solid and growing.
Diversified Manufacturing - Focuses in this industry mix include primary metal industries, fabricated metal products, industrial machinery, electronics and instruments. Companies under this category manufacture mid-value, mid-to-high bulk products which are under extreme pressure to reduce costs. Many of these businesses are still located in the industrial Midwest and Northeast where real estate, taxing, and wage pressures make operation expensive, especially in the face of growing foreign competition.
Transportation & Logistics – Amarillo’s transportation assets and mid-continent location make it a great fit for this industry. Companies are currently looking for ways to reduce cost by locating within the central part of the United States.
Food Technologies – Amarillo’s location, resources and proximity to a vast agricultural area make it a great fit for this industry.