August 2024
Amarillo’s economy bounced back from last month, with stronger retail sales lifting our index.
Our Retail Sales number comes from Texas’s Comptroller Reports and are based on numbers from 2 months ago. This month we got June’s Sales tax collections, which show retail sales are up 29% from last June. This increase is due to a $2 million audit adjustment. Year to Date Retail Sales are up 4% from 2023-an improvement from the winter months.
Amarillo’s Household Survey shows an increase of 959 jobs, and the Employers Survey shows an increase 764 jobs. These increases are lower than the increases over the last year. Job growth is slowing. Wages are showing down 7%, but this is a statistical adjustment that reflects a slower economy in some sectors. The unemployment rate is only 3.3%, down from 3.4% last year.
New Car Sales are down 13% from a year ago. Used Car Sales were down 19%.
Airline Boardings are up 3%, but the Hotel/Motel Tax Collections are down 8% due to less occupancy and slightly lower room rates.
30-Year Mortgage Rates are down 75 basis points from a year ago. Residential Starts for the month are up 54% from 12 months ago. Year to Date Starts are even with last year. Home prices are down 1% in Amarillo. Building Permits are up 28% from last year’s level, bringing YTD to 60% over last year.
Oil prices are down 6% from last August, and Natural Gas prices are down 21%-plus drilling and workovers are slowing.
Agriculture has lower prices, but higher yields. The good wheat yields offset the 11% price drop. Corn is similar, with prices below 3%, but the crop looks good compared to last year’s.
Cattle continue to be profitable, as prices are up 5%. Dairy, too, is profitable, as milk prices are up 23%.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Index* | 222.13 | 193.74 | 212.42 |
| Sales Tax Collections | $ 9,625,208 | $ 8,299,780 | $ 7,458,233 |
| Sales Tax Collection-YTD | $ 69,350,0856 | $ 59,724,876 | $ 66,582,784 |
| New Vehicle Sales | 614 | 690 | 708 |
| Used Vehicle Sales | 1,193 | 1,368 | 1,479 |
| Airline Boardings | 39,530 | 38,311 | 38,219 |
| Hotel/Motel Receipt Tax | $ 914,955 | $ 781,368 | $ 996,389 |
| Population - Corporate Amarillo | 201,106 | 201,106 | 201,106 |
| Employment - CLF | 138,767 | 138,624 | 137,748 |
| Unemployment Rate | % 3.40 | % 3.50 | % 3.30 |
| Total Workers Employed (Household Survey) | 134,117 | 133,821 | 133,158 |
| Total Workers Employed (Employers Survey) | 127,300 | 129,936 | 126,536 |
| Average Weekly Wages | $ 1,030.00 | $ 1,030.00 | $ 1,109.50 |
| Gas Meters | 69,692 | 69,490 | 69,616 |
| Interest Rates: 30 Year Mortgage Rates | % 6.500 | % 6.750 | % 7.250 |
| Building Permits Dollar Amount | $ 59,829,241 | $ 23,817,751 | $ 46,795,777 |
| Year to Date Permits | $ 249,998,245 | $ 183,747,621 | $ 152,247,957 |
| Residential Starts | 41 | 32 | 25 |
| Year To Date Starts | 310 | 263 | 311 |
| Median House Sold Price | $ 247,000 | $ 267,000 | $ 250,000 |
| Drilling Rigs In Panhandle | 1 | 2 | 3 |
| Oil Price Per Barrel | $ 77.83 | $ 82.01 | $ 82.47 |
| Natural Gas | $ 2.21 | $ 2.33 | $ 2.79 |
| Wheat Per Bushel | $ 6.31 | $ 6.36 | $ 7.07 |
| Fed Cattle Per CWT | $ 192.98 | $ 190.00 | $ 183.06 |
| Corn Per Bushel | $ 3.78 | $ 3.96 | $ 4.76 |
| Cotton (Cents Per Pound) | $ 81.90 | $ 83.20 | $ 75.00 |
| Milk | $ 21.25 | $ 20.00 | $ 17.31 |
*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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