June 2024
Amarillo's economy feels like it is a little better, with higher retail sales, strong construction, more people working and good agriculture activity.
Retail sales were up 8% from 12 months ago. Year to Date Sales are flat with 2023. New Car Sales are 7% higher than a year ago. Used Car Sales are up nearly 12%.
Airline Boardings are up 2% from a year ago, and the Hotel/Motel Tax Collections are up 6%. The Household Survey shows almost 1,900 more people working than a year ago. The Employer's Survey is up 1,500. Wages are up 5% from this time last year.
Housing is doing better than last year. 30-Year Mortgage Rates are hovering round 7%, but there were 11 more Housing Starts last month compared to 12 months ago. Year to Date Starts are down 6% - 15 units-from a year ago.
Construction is up 90% from 12 months ago. A $20 million new Surgery Center bolsters this month's Building Permits. Year to Date Construction is more than triple the first 6 months of 2023.
There remain 4 drilling rigs in the Panhandle, as gas prices remain low. Natural Gas is at $2.92, up from $2.34 last year. Oil is $77, up 12% from a year ago.
Fat Cattle have been selling at all time highs. This is good for the current market, but in the next year, cattle on feed might be operating at a loss. Dairies have hopefully turned the corner. Milk prices are up 19% from a year ago to $20. Hopefully area dairies will see profits after a long spell of losses and break evens.
For those who got wheat in, we should get a good crop this year. Cutting has started and prices are flat, with a year ago. Corn is planted, but prices are down 25% from a year ago. We hear that cotton is off to its best start in a year and prices are up 6%.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Index* | 202.00 | 190.69 | 193.67 |
| Sales Tax Collections | $ 8,356,717 | $ 9,547,613 | $ 7,723,803 |
| Sales Tax Collection-YTD | $ 51,425,095 | $ 43,068,378 | $ 51,042,927 |
| New Vehicle Sales | 775 | 617 | 722 |
| Used Vehicle Sales | 1,688 | 1,595 | 1,509 |
| Airline Boardings | 36,632 | 31,446 | 35,645 |
| Hotel/Motel Receipt Tax | $ 738,365 | $ 802,946 | $ 696,979 |
| Population - Corporate Amarillo | 201,106 | 201,106 | 201,106 |
| Employment - CLF | 139,227 | 139,409 | 137,561 |
| Unemployment Rate | % 2.80 | % 2.60 | % 3.00 |
| Total Workers Employed (Household Survey) | 135,315 | 135,774 | 133,412 |
| Total Workers Employed (Employers Survey) | 129,600 | 129,211 | 128,044 |
| Average Weekly Wages | $ 1,030.00 | $ 1,030.00 | $ 980.00 |
| Gas Meters | 69,928 | 69,944 | 70,035 |
| Interest Rates: 30 Year Mortgage Rates | % 7.000 | % 6.875 | % 6.625 |
| Building Permits Dollar Amount | $ 54,875,083 | $ 39,203,596 | $ 28,834,761 |
| Year to Date Permits | $ 156,810,091 | $ 100,078,729 | $ 49,811,014 |
| Residential Starts | 45 | 45 | 34 |
| Year To Date Starts | 235 | 185 | 250 |
| Median House Sold Price | $ 272,245 | $ 242,000 | $ 250,000 |
| Drilling Rigs In Panhandle | 4 | 3 | 4 |
| Oil Price Per Barrel | $ 77.82 | $ 78.79 | $ 69.42 |
| Natural Gas | $ 2.92 | $ 2.52 | $ 2.34 |
| Wheat Per Bushel | $ 6.96 | $ 7.34 | $ 6.91 |
| Fed Cattle Per CWT | $ 186.00 | $ 185.00 | $ 180.00 |
| Corn Per Bushel | $ 4.49 | $ 4.56 | $ 6.05 |
| Cotton (Cents Per Pound) | $ 80.80 | $ 81.80 | $ 76.00 |
| Milk | $ 20.00 | $ 18.50 | $ 16.75 |
*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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