AMARILLO, Texas (KFDA) - For the first time, Amarillo’s Economic Development Corporation held its annual State of the Economy event virtually.
“We’re poised with great potential to rebound,” said Mayor Ginger Nelson during the event.
This year, viewers also heard from finance expert Monica Mehta, who spoke on the overall impact of the pandemic on the country’s economy and our area.
“The outlook for Amarillo is even better,” said Mehta.
Mehta expects 2021 to be a year of recovery with the help of trillions of dollars in relief funds, as well as increased consumer demand.
“Amarillo has already recovered two-thirds of jobs lost. The unemployment rate in Amarillo is 5.5 percent today, compared to 6.3 percent of the national average,” said Mehta.
One of the primary drivers in the Texas High Plains’ economy is agriculture.
Mehta says beef sales have already started to see improvement after experiencing exporting disruptions last year.
Other areas expected to see strong growth are wheat, corn and soybeans.
“This is driven by strong demand from china,” said Mehta. “They’re buying soy, because soy is a key part of feed for their pig stock. In addition, tightening supply in North America are just going to benefit U.S growers.”
She also stated two risks to the overall economy include rising interest rates and inflation.
The event concluded with the EDC’S CEO speaking about corporation highlights.
To watch the full State of the Economy event, click here.