The Metro-Amarillo economy recognized an accelerated rate of growth in 2018, surging to 2.8%. In a report, released today by the Amarillo Economic Development Corporation (AEDC) and prepared by Mark Snead, President of RegionTrack, data describes that the reported growth rate outpaces the national average of 1.6% for the same twelve-month period.
More than 3,300 jobs were added to the economy in the twelve months ending in July, with the most growth realized in hospitality, mining and construction and education and health services. Additional job growth in the retail sector reflected the 2.58% fiscal year increase in sales tax receipts reported by the City of Amarillo in July.
“This is fantastic news for our community,” said AEDC President and CEO Barry Albrecht. “The job growth across multiple sectors reflects the strength and vitality of the Amarillo economy. The AEDC is committed to supporting workforce initiatives that can provide our area businesses with the talent and resources they need to continue to grow well into the future.”
The RegionTrack report stated that the Amarillo area is currently experiencing all-time high employment rates. Preliminary data supplied by the Bureau of Labor and Statistics reports that of the 133,500 persons in the Amarillo-area labor force, 129,400 are employed. In June 2018, the Metro-Amarillo area reported a 2.8% unemployment rate, second in the state to the Midland metro area.
“The rapid growth in the Amarillo area in the first half of 2018 has been impressive,” stated Mark Snead, President of RegionTrack. “Nearly all areas of the local economy are performing well, especially the critical retail and housing sectors. We expect the momentum in the region to continue and extend through the second half of the year and into 2019.”
Along with gains realized in job creation, the area housing permits increased over the same period in 2017 with 309 units in 2018 versus only 230 the previous year. This further supports the surge in employment in the construction sector.
The full report may be downloaded at www.amarilloedc.com/aedc-reports
RegionTrack is an Oklahoma City-based economic research firm specializing in regional economic forecasting and analysis. Their mission is to assist public and private sector clients better understand current and expected future economic conditions and outcomes in their regional areas.
The Amarillo Economic Development Corporation (Amarillo EDC)is the primary economic development engine of the Amarillo community, responsible for industry growth and job creation through business attraction and retention initiatives. The mission of the Amarillo EDC is to attract businesses to Amarillo which offer highly skilled, highly-paid positions; to expand and retain existing local businesses in Amarillo, and to foster a business environment conducive to entrepreneurship. Learn more at www.amarilloedc.com.