Amarillo Economy Looks To Be Turning Around

Patrick Ware, Amarillo National Bank
Patrick Ware, Amarillo National Bank
Bill Hall, Edward Jones
Bill Hall, Edward Jones

After over a year of talk about a downward trend, many signs say the economy is leveling out and going back up.

In January, Amarillo National Bank announced their six month outlook.

They said the economy would continue down for a few months then level off.

In many arenas, that's happened.

"We think where the trend has flattened off or levelled off, we're going to stay at this level through the rest of the year," said Patrick Ware, an economist for Amarillo National Bank.

Several key economic factors are making their way back.

Commodity prices are climbing back up helping the agriculture community.

And local car sales have gone up 20 percent over last month.

"It show's consumers are still confident which is the backbone of the entire economy," said Ware.

One thing believed to be leading the confidence is the stock market.

"I don't think anyone saw a 20 percent increase over the market over a period of six weeks. And that's one of the fastest growths in over 70 years," said Bill Hall, a financial advisor with Edward Jones.

Hall says he has seen some stocks triple over the past six weeks. And he's doubled his business with regards to individual stocks. He says the turn around on wall street will filter through the rest of the economy.

"People have all this inventory, they've let all these people go. And they're selling their inventory. As the economy recovers they're going to have to hire those people back," said Hall.

Both Pat Ware, and Bill Hall say the key to this recession being over is the unemployment numbers.

It's a lagging indicator and shows the economy is stable again as more people head back to work.

The local unemployment numbers are expected in the next few weeks.