Amarillo National Bank predicts local economic outlook

Elise Preston
NewsChannel 10

AMARILLO, TX - 2011 is being called a year of economic recovery. According to Amarillo National Bank Vice President, William Ware,  Amarillo's economic recession ended in June of last year and the city's economy will grow strong during 2011.

"People have gotten used to this bunker mentality. We've been fearful for a couple years now. We're running our companies a little leaner. We're smarter about our spending. I think this is going to be a smarter recovery because of the lessons we learned in the last year or two." said Ware.

The bank predicts this year, the housing market will remain a little flat as it has in the past couple years. That's partly due to a home buyers tax credit not being offered by the federal government. Usually the housing market is an indicator of what the rest of the economy will look like. However, experts say,  because of an exploding commodities market and strong retail sales, the economy in Amarillo will improve.

They also expect those factors to bring an increase in jobs. Officials anticipate 2, 000 more people to enter the Amarillo work force within the next 12 months.

Despite, these factors working in favor of the local economy, the bank does remind NewsChannel 10, it will take some time for Amarillo's economy to become stronger and better than before.