November 2024
Last month Amarillo's economy was mixed, as Retail Sales were flat, but job growth has improved.
Retail Sales are even with a year ago for the month, but up 3% YTD. New vehicle sales have rebounded with a 13% gain, but used are down 6%.
Hotel occupancy continues its downward trend off 3%, but Airline Boardings were up 3%.
3,000 more people are working in the Household Survey and 2,300 more in the Employer's Survey, when compared to last year. Wages are up from last month, but off 5% from a year ago, as a mix of reporting jobs has changed.
Construction continues good, with Building Permits up 10% from last year and YTD up 20%. Residential Starts were 43 vs 50 last year, as the higher mortgage rates have slowed this sector after several good months. As rates return to 7%, activity has slowed, and the Median House Price is off 7%.
The Energy sector remains soft, with oil prices and natural gas both off 11% from a year ago, but there are 4 rigs working, up from 2 last month and 3 a year ago.
Cattle continue to be profitable, with fat cattle prices up 3%. Dairy is profitable, with the 17% increase in milk prices.
The Fall harvest was OK for corn and milo, even though prices were off.Cotton prices are off 22% and the yield dropped, making this a weaker year.
Insurance costs are presenting an economic headwind to individuals and businesses, as auto and home insurance premiums are up 20-40%.Local businesses are struggling with higher insurance costs, at the same time they are suffering margin pressure from increased competition in most industries.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Index* | 222.43 | 220.44 | 220.00 |
| Sales Tax Collections | $ 9,030,115 | $ 8,520,098 | $ 9,003,846 |
| Sales Tax Collection-YTD | $ 95,654,031 | $ 86,623,915 | $ 92,626,328 |
| New Vehicle Sales | 679 | 848 | 747 |
| Used Vehicle Sales | 715 | 679 | 632 |
| Airline Boardings | 37,535 | 34,052 | 36,387 |
| Hotel/Motel Receipt Tax | $ 727,689 | $ 917,654 | $ 752,948 |
| Population - Corporate Amarillo | 201,106 | 201,106 | 201,106 |
| Employment - CLF | 141,308 | 140,987 | 137,886 |
| Unemployment Rate | % 3.10 | % 3.00 | % 2.80 |
| Total Workers Employed (Household Survey) | 136,925 | 136,716 | 133,992 |
| Total Workers Employed (Employers Survey) | 131,300 | 130,118 | 129,067 |
| Average Weekly Wages | $ 1,052.00 | $ 1,030.00 | $ 1,109.50 |
| Gas Meters | 69,382 | 69,344 | 69,180 |
| Interest Rates: 30 Year Mortgage Rates | % 7.000 | % 6.625 | % 7.375 |
| Building Permits Dollar Amount | $ 70,257,429 | $ 58,667,322 | $ 63,528,898 |
| Year to Date Permits | $ 422,322,880 | $ 351,917,513 | $ 353,693,463 |
| Residential Starts | 43 | 57 | 50 |
| Year To Date Starts | 468 | 425 | 435 |
| Median House Sold Price | $ 242,500 | $ 250,000 | $ 262,000 |
| Drilling Rigs In Panhandle | 4 | 2 | 3 |
| Oil Price Per Barrel | $ 68.61 | $ 70.45 | $ 77.58 |
| Natural Gas | $ 2.85 | $ 2.40 | $ 3.19 |
| Wheat Per Bushel | $ 6.03 | $ 6.78 | $ 6.75 |
| Fed Cattle Per CWT | $ 187.00 | $ 186.00 | $ 181.00 |
| Corn Per Bushel | $ 4.29 | $ 4.01 | $ 4.64 |
| Cotton (Cents Per Pound) | $ 59.80 | $ 56.40 | $ 76.30 |
| Milk | $ 19.75 | $ 22.55 | $ 16.84 |
*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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