December 2024
Retail Sales are up 8% from 12 months ago. Year to Date Sales are up 3.6%. New Car Sales are up 12%, and Used Car Sales are up 20% from last December.
Airline Boardings are down 6%, but the Hotel/Motel Tax Collections are up 12%.
The Household Survey shows 2,580 more people working than in December last year. The Employer's Survey has 2,111 more jobs. Many employers are planning raises about 3%; however, reported wages are down 5% from a year ago. With a higher unemployment rate, this may show entrants in the job market may not receive the wages or salary they are expecting.
Mortgage Rates are 38 basis points higher than a year ago, and home prices are up 4%. Residential Starts are down 35% and Year To Date Starts are up close to 3%.
Same with housing, construction is down 25% from 12 months ago, but our Year to Date Permits are up 16%.
There are 4 drilling rigs operating in the Panhandle now. There were 3 a year ago. Oil Prices are flat with a year ago, and Natural Gas prices are up 38% and over $3.
Cattle Prices are up nearly 12%. Ranchers in the Panhandle are happy with the moisture last month, but it is getting dry. Feedyards are profitable, but Feeders are expensive, which could eat into future profits.
Dairies are making money, but prices have softened from their $20 range a few months ago. Input costs are still low.
Wheat prices are flat, corn prices are down 4%, cotton performance is still being gathered.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Index* | 199.91 | 222.43 | 205.02 |
| Sales Tax Collections | $ 8,424,213 | $ 9,030,115 | $ 7,805,727 |
| Sales Tax Collection-YTD | $ 104,078,244 | $ 95,654,031 | $ 100,432,055 |
| New Vehicle Sales | 708 | 715 | 632 |
| Used Vehicle Sales | 1,431 | 1,292 | 1,186 |
| Airline Boardings | 33,318 | 37,535 | 35,564 |
| Hotel/Motel Receipt Tax | $ 796,648 | $ 727,689 | $ 708,369 |
| Population - Corporate Amarillo | 201,106 | 201,106 | 201,106 |
| Employment - CLF | 141,789 | 141,276 | 138,361 |
| Unemployment Rate | % 3.10 | % 3.10 | % 2.60 |
| Total Workers Employed (Household Survey) | 137,352 | 136,904 | 134,772 |
| Total Workers Employed (Employers Survey) | 131,900 | 131,240 | 129,789 |
| Average Weekly Wages | $ 1,052.00 | $ 1,052.00 | $ 1,109.50 |
| Gas Meters | 69,399 | 69,382 | 69,355 |
| Interest Rates: 30 Year Mortgage Rates | % 6.875 | % 7.000 | % 6.500 |
| Building Permits Dollar Amount | $ 33,997,851 | $ 70,257,429 | $ 45,402,884 |
| Year to Date Permits | $ 456,447,517 | $ 422,322,880 | $ 392,051,253 |
| Residential Starts | 34 | 43 | 53 |
| Year To Date Starts | 502 | 468 | 488 |
| Median House Sold Price | $ 250,000 | $ 242,500 | $ 240,000 |
| Drilling Rigs In Panhandle | 4 | 4 | 3 |
| Oil Price Per Barrel | $ 70.83 | $ 68.61 | $ 71.32 |
| Natural Gas | $ 3.20 | $ 2.85 | $ 2.31 |
| Wheat Per Bushel | $ 6.67 | $ 6.03 | $ 6.81 |
| Fed Cattle Per CWT | $ 190.00 | $ 187.00 | $ 170.00 |
| Corn Per Bushel | $ 4.43 | $ 4.29 | $ 4.64 |
| Cotton (Cents Per Pound) | $ 63.10 | $ 59.80 | $ 75.10 |
| Milk | $ 18.75 | $ 19.75 | $ 16.50 |
*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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