May 2025
Amarillo’s economy is gaining some footing going into Summer, with more people working, good rains, sizeable building projects around town and a strong cattle market.
Retail Sales are up 3% from 12 months ago. Year to Date Retail Sales are up 2.8% from 2024. New Car Sales are up 14% and Used Car Sales are flat with 12 months ago.
Airline Boardings and the Hotel/Motel Tax Collections are both up 3%. Our customers with locations on highways have noticed a drop in city, rural and interstate travel over the last few months.
There are 3,244 more people working than last May according to the Household Survey. The Employer’s Survey shows an increase of 1,971 jobs. The Unemployment Rate is very low at 2.7% and wages are up 3.9%.
Building permits are up 42% for the year. Projects ranging from car dealerships, health spas, retail, and industrial space show good and diverse building in Amarillo. Residential Starts are down 42% and Year to Date Starts are down 30%. Mortgage rates are stuck around 6.63%, but we have seen house prices go up 3%.
Not much energy activity in the Panhandle-only 1 drilling rig with Natural Gas at $3.55, up 49% from 12 months ago and Oil at $63, down 20% over the same time.
Wheat is down 15%. Corn is down 5%. Cotton is down 25%. Wheat should be ok, but we will need more rain for the corn crop to be strong. We don’t think much cotton will be planted in our area this year.
This cattle market run is something to behold. Demand and quality help keep prices over $200 per hundred weight, up 16% from 12 months ago. Dairies are doing well too- milk prices are up only 1%, but a decrease in input costs have helped strengthen profit margins.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Index (Base Jan. 88 @ 100) | 201.12 | 195.00 | 190.69 |
| Sales Tax Collections | $ 9,900,477 | $ 7,161,594 | $ 9,547,613 |
| Sales Tax Collection-YTD | $ 44,289,430 | $ 34,388,953 | $ 43,068,378 |
| New Vehicle Sales | 706 | 636 | 617 |
| Used Vehicle Sales | 1,581 | 1,683 | 1,595 |
| Airline Boardings | 32,545 | 31,720 | 31,446 |
| Hotel/Motel Receipt Tax | $ 830,522 | $ 602,238 | $ 802,946 |
| Population - Corporate Amarillo | 201,106 | 201,106 | 201,106 |
| Employment - CLF | 141,368 | 140,267 | 137,874 |
| Unemployment Rate | % 2.70 | % 3.10 | % 2.70 |
| Total Workers Employed (Household Survey) | 137,547 | 135,954 | 134,203 |
| Total Workers Employed (Employers Survey) | 131,400 | 130,480 | 129,429 |
| Average Weekly Wages | $ 1,071.00 | $ 1,071.00 | $ 1,030.00 |
| Gas Meters | 70,160 | 70,200 | 69,944 |
| Interest Rates: 30 Year Mortgage Rates | % 6.625 | % 6.625 | % 6.875 |
| Building Permits Dollar Amount | $ 32,860,687 | $ 12,751,988 | $ 39,203,596 |
| Year to Date Permits | $ 142,323,046 | $ 108,061,608 | $ 100,078,729 |
| Residential Starts | 26 | 23 | 45 |
| Year To Date Starts | 129 | 100 | 185 |
| Median House Sold Price | $ 250,000 | $ 255,000 | $ 242,000 |
| Drilling Rigs In Panhandle | 1 | 1 | 3 |
| Oil Price Per Barrel | $ 63.18 | $ 62.79 | $ 78.79 |
| Natural Gas | $ 3.55 | $ 3.25 | $ 2.38 |
| Wheat Per Bushel | $ 6.23 | $ 6.46 | $ 7.34 |
| Fed Cattle Per CWT | $ 215.00 | $ 206.40 | $ 185.00 |
| Corn Per Bushel | $ 4.35 | $ 4.81 | $ 4.56 |
| Cotton (Cents Per Pound) | $ 61.00 | $ 62.70 | $ 81.80 |
| Milk | $ 18.71 | $ 17.75 | $ 18.50 |
Time for the obligatory legal babble!
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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2025 Economic Analysis
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2024 Economic Analysis
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2023 Economic Analysis
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