AMARILLO, TX (KFDA) - The Policom Corporation, an independent economic research firm that specializes in analyzing local and state economies, recently published its annual Economic Strength Rankings in which Amarillo placed at #90 out of 381 national Metropolitan Statistical Areas (MSAs).
Just 12 years ago in 2004, Amarillo ranked #310 with annual worker earnings (wages) of $35,600 in the metro area and ranked #296 out of 381 metros surveyed that year. Just 10 years later in 2014, the average Per Capita Personal Income (PCPI) had increased so much that the wage rankings had improved to #152 as wages averaged $48,374. This growth trend in wages placed Amarillo as the 38th fastest growing wage rate in the country. In the 10 years prior, from 1995 to 2004, Amarillo's wage growth was among the slowest in the nation.
"This is fantastic news for Amarillo and the surrounding communities in the Panhandle," stated Buzz
David, President and CEO of the Amarillo Economic Development Corporation. "For many years now, Amarillo and Texas as a whole have understood that the key to solid economic growth is industry diversification. The investments we have made at the local and state level to support business growth in our communities is paying off as we see wages increase and unemployment decrease. At a local level, we have been able to weather some recent economic turbulence thanks in great part to the variety of small and large businesses that call Amarillo home."
The analysis considered how the economies of a community expanded both in size and in quality over an extended period of time. The Policom Corporation notes that the economic strength analysis states that the speed at which an economy grows is not the most critical factor to consider when studying a community's local economy. Equally as important is the consistency and stability of the overall financial growth. Ultimately, these factors account for the overall impact of the economy on the local residents' standard of living.
Established in 1990, the mission of the Amarillo Economic Development Corporation is to promote business expansion in the greater Amarillo area that builds a stronger, more diversified economy and increases the economic vitality and wealth of the community.