New report highlights the economic impact of Amarillo EDC after - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

New report highlights the economic impact of Amarillo EDC after 25 years

Amarillo, TX - The Amarillo Economic Development Corporation is taking a look at how they have contributed to local and regional economies over the last 25 years.

Back in 1989, Amarillo residents voted to pay a half cent sales tax to fund economic development. At that time Amarillo was only the second city in Texas to approve a sales tax for an economic development corporation.

Next year the AEDC will celebrate their 25th anniversary in Amarillo, so they hired an independent research and analysis firm to show how money from taxpayers has improved our area's economy.

The Perryman Group found companies that have received assistance from the AEDC generate $5.7 billion in gross product each year. Those companies also created 55,434 jobs. A little over one thousand of those jobs are located outside Amarillo.

"Amarillo sales tax receipts are not just Amarillo residents," explained AEDC Marketing and Communications Director Ashton Allison. "We have a huge outside population. In fact, about 60 percent of our sales tax revenue comes from outside the area. Therefore, it makes a lot of sense that we assist the entire area."

Overall, the research group found the AEDC's economic impact represents 44.4 percent of the local economy. "Those numbers are a big chunk of our economy, so we were very pleased with those results. What that boils down to basically is that the companies we've assisted through various relocation, expansion and efforts through the enterprise challenge business plan competition, those companies have generated business activity," said Allison.

Although the AEDC is pleased with their past accomplishments, they are looking to the future, which has a promising forecast. "The report also projected that by 2018, the community, if we continue along the current track that we're on, will add 13,000 new jobs," said Allison.

Since 1990, the AEDC has helped more than 100 companies across the Panhandle.

Madison Alewel - NewsChannel 10
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  • Madison Alewel

    Madison Alewel

    Madison anchors the 4, 6, 9 and 10 p.m. newscasts. She joined NewsChannel10 as a reporter in October 2013.

    Madison anchors the 4, 6, 9 and 10 p.m. newscasts. She joined NewsChannel10 as a reporter in October 2013.

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