Amarillo EDC and Amarillo National Bank release mid-year economic updates

VIDEO: Amarillo EDC and Amarillo National Bank release mid-year economic updates

AMARILLO, Texas (KFDA) - Mid-year economic updates for Amarillo’s job market have been released by both the Amarillo Economic Development Corporation and Amarillo National Bank.

“So in the last year we’ve added about 1,300 jobs, 700 of those have been in the service sector, 300 of those have been in the construction sector, so a lot of good things happening in Amarillo,” said President of AEDC Kevin Carter.

The report also states that Amarillo’s unemployment rate is performing at a much lower rate than it did last year, which is a great sign for the city’s economy.

“With the low unemployment rate, we’re trailing behind the national and the state level in our are," said Carter. “We’re running in the high two′s in unemployment, which is unbelievable.”

The only challenge the economy is facing this year, according to the AEDC, is how to attract more talent for companies in such a thriving workforce.

“It does make it harder to attract companies just because of the sheer not having the workforce," said Carter. "So that’s one of the challenges that we have, but that’s also, there’s several organizations in town that we’re trying to work to grow our own talent and to also recruit talent there.”

On the other hand, the Economic Analysis for June 2019 released from Amarillo National Bank shows Amarillo having lost 600 jobs in the Employer Survery and 415 jobs in the household survey.

“For the pulse, we use the employer survey and the household survey, and according to both of those, Amarillo has lost some jobs over the last year," said Senior Vice President of Amarillo National Bank Matt Ramsey. "However, the consumer is still vibrant as is evidenced by the strong retail sales number and the strong new cars number over the last year.”

Although the two reports offer a different perspective, there is one common factor that both the AEDC and Amarillo National Bank can agree upon, Amarillo’s thriving economy.

“The unemployment rate at the national level is 3.7 percent, which is the lowest it’s been in almost 50 years. In Amarillo, our unemployment rate is 2.7 percent, even lower than the national economy. Good job gains in the future from lower interest rates and a vibrant consumer should help our economy continue to grow,” said Ramsey.

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