April 2024
Amarillo's economy leveled out in April, with sputtering retail sales, small gains in employment, and steady real estate.
Month over month, Retail Sales are up 1.8% a year ago. Year to Date Sales are almost exactly flat with 2023. New Car Sales are down 14.7% from 12 months ago. Used Car Sales are down 16.7% over the same time.
Also, level with a year ago are Airline Boardings. The Hotel/Motel Tax Collections are down 36% from a year ago.
The Household Survey shows 1,214 more people working compared to last year. The Employers Survey shows an increase of 1,670 workers. Lubbock is up 1,991 and 2,896. Midland/Odessa is up 1,802 and 2,620.
Wages in Amarillo are up 5% from 2023.
There were 45 Residential Starts this month, down 37% from the 71 last April. 2024 Year to Date Starts are down 11% from 2023. House prices are up 2%.Construction is up due to Transformational Park and a $4.5 million remodel for the APD. Year to Date Permits are up 51.5% over last year.
There has been some volatility in Cattle pricing over the last few weeks. Fat Cattle are 6% higher than 12 months ago. Area Dairies expect higher prices than today's $16.50. There wasn't much problem for production due to Bird Flu and the entire outbreak will have minimal impact on Panhandle Dairies.
Corn should be planted in the next 6 weeks and prices are down 35%. There is potential for a good Wheat Crop and there is some optimism going into harvest season. Wheat prices are down 22% from last year.Area farmers tell us there is potential to make money this year in Cotton, even though prices are down 9%.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Index* | 184.64 | 189.00 | 217.03 |
| Sales Tax Collections | $ 7,382,109 | $ 7,422,040 | $ 7,249,621 |
| Sales Tax Collection-YTD | $ 33,520,764 | $ 26,138,654 | $ 33,477,123 |
| New Vehicle Sales | 655 | 511 | 768 |
| Used Vehicle Sales | 1,651 | 1,191 | 1,938 |
| Airline Boardings | 33,335 | 27,902 | 33,139 |
| Hotel/Motel Receipt Tax | $ 536,089 | $ 570,140 | $ 842,484 |
| Population - Corporate Amarillo | 201,106 | 201,106 | 201,106 |
| Employment - CLF | 138,750 | 139,101 | 137,304 |
| Unemployment Rate | % 3.10 | % 3.40 | % 3.00 |
| Total Workers Employed (Household Survey) | 134,416 | 134,321 | 133,202 |
| Total Workers Employed (Employers Survey) | 128,400 | 128,528 | 126,730 |
| Average Weekly Wages | $ 1,030.00 | $ 1,030.00 | $ 980.00 |
| Gas Meters | 70,233 | 69,938 | 70,600 |
| Interest Rates: 30 Year Mortgage Rates | % 7.375 | % 6.875 | % 6.375 |
| Building Permits Dollar Amount | $ 19,221,287 | $ 26,955,474 | $ 11,779,126 |
| Year to Date Permits | $ 60,486,198 | $ 40,891,814 | $ 39,915,389 |
| Residential Starts | 45 | 49 | 71 |
| Year To Date Starts | 145 | 95 | 163 |
| Median House Sold Price | $ 245,000 | $ 245,000 | $ 239,438 |
| Drilling Rigs In Panhandle | 3 | 4 | 4 |
| Oil Price Per Barrel | $ 85.54 | $ 81.52 | $ 82.67 |
| Natural Gas | $ 1.77 | $ 1.78 | $ 2.17 |
| Wheat Per Bushel | $ 5.89 | $ 5.84 | $ 7.52 |
| Fed Cattle Per CWT | $ 186.36 | $ 185.00 | $ 175.00 |
| Corn Per Bushel | $ 4.31 | $ 4.39 | $ 6.64 |
| Cotton (Cents Per Pound) | $ 77.60 | $ 76.40 | $ 79.80 |
| Milk | $ 16.50 | $ 16.40 | $ 18.10 |
*Base-100, January 1988
This document was prepared by Amarillo National Bank on behalf of itself for distribution in Amarillo, Texas and is provided for informational purposes only. The information, opinions, estimates and forecasts contained herein relate to specific dates and are subject to change without notice due to market and other fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources believed to be accurate, complete and/or correct. The information and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, sell or make any other investment decisions.
Economic Pulse Charts
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2024 Economic Analysis
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2023 Economic Analysis
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