Amarillo’s economy continues on its strong path, with improvements in most areas, plus a surge in commodity prices. The Stimulus money flows through the economy; however, constraints come from supply chain shortages and shortages of workers.
Retail Sales are up 13% from last year, but also 21% from two years ago. YTD sales are up 15% for 12 and 24 months. Vehicle Sales remain good, even though shortages of New are still reported and Used prices may be peaking out.
Airline Boardings are only 3% below the level of two years ago. Hotel Tax Collections are strong, with high occupancy all summer.
Workers Employed in both sectors are up 700 from two years ago and up 5,000 from last year. Residential Gas connections are up 11% from last year, showing continued growth in Amarillo.
Building Permits are also strong, with levels double from last year and the YTD up mostly because of Amazon. Residential Starts have rebounded, even doubled from two years ago, while Median House Prices are up sharply as more mid-price houses are selling, and fewer lower priced houses are being sold.
The Commodity Sector is all good news, with drilling rigs up to 9 from 0 last year, but still below 15 from two years ago. Oil prices are up 24% from two years ago and up 60% from last year’s lows. Natural Gas is up 60% from two years ago and up 80% from last year.
Agricultural Commodities are strong with Wheat up 71%, Corn up 24% and Cotton up 5% from two years ago. Fat Cattle are only up 10%, and Milk prices are down. Dairy and Cattle will have higher input costs through the price of feed.
*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.
Big Picture Analysis
Stimulus money is flowing to public entities in amounts that are hard to comprehend. We are trying to get totals on stimulus programs for the public entities. An incomplete list would include:
The Census Data is out with population numbers that include:
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