March 2024
Flat retail sales and lower commodities continue to drag down Amarillo's economy all while the impact of the wildfires continues to grow.
Retail sales for the month were flat with a year ago. Year To Date Sales are down only slightly from 2023. New Car Sales are flat and Used Car Sales are down 10% due to higher interest costs.
About 1,000 more people flew from our airport compared to 12 months ago. The Hotel/Motel tax collections were almost exactly flat.
In the Household Survey, there were 1,907 more people working than 12 months ago. The Employers Survey showed an increase of 2,185 workers. The Unemployment Rate is the exact same as last year at 3.40%. Wages are up 5% from a year ago.
Mortgage Rates, at 6.88%, are higher than last year's 6.37%. The Average House Price in Amarillo is up nearly 9% from 2023.
Building Permits are up big due to Northwest Texas' new Emergency Room. Residential Starts are down 35% from 12 months ago, but are up 3% year to date.
There are only 4 drilling rigs operating in the Panhandle currently compared to 5 last March. Natural Gas prices are $1.78, down 32% from a year ago. Oil is $79, up 6% over that same time.
Hopefully we are not at the beginning of another drought cycle, as La Nina returns this summer. Wheat looks decent, but prices are $5.84, down from $7.72 a year ago. Corn is $4.39, down from $6.25. Cotton is $76.40 compared to $80.20 in March 2023.
Cattle are profitable coming out of the feedyard and prices are up 12%. Dairies are breaking even, with milk prices at $16.40, down 7.6% from last year.
The wildfire damage is horrible. We hear FEMA is not going to offer any relief, saying the fire was not big enough. The USDA/FSA programs will help some, but we are afraid government bureaucracy will slow down any money going toward the victims. The offers of help from individuals, in our area and throughout the U.S., have been inspirational; that is the true strength of the Panhandle.
Economic Pulse
| Economic Components | Current Month | Last Month | Last Year |
|---|---|---|---|
| Index* | 189.00 | 192.00 | 213.00 |
| Sales Tax Collections | $ 7,422,040 | $ 10,118,939 | $ 7,408,222 |
| Sales Tax Collection-YTD | $ 26,138,654 | $ 18,716,614 | $ 26,227,502 |
| New Vehicle Sales | 511 | 572 | 507 |
| Used Vehicle Sales | 1,191 | 1,130 | 1,327 |
| Airline Boardings | 27,902 | 26,834 | 26,839 |
| Hotel/Motel Receipt Tax | $ 570,140 | $ 635,669 | $ 569,855 |
| Population - Corporate Amarillo | 201,106 | 201,106 | 201,106 |
| Employment - CLF | 139,189 | 137,625 | 137,224 |
| Unemployment Rate | % 3.40 | % 3.10 | % 3.40 |
| Total Workers Employed (Household Survey) | 134,402 | 133,317 | 132,495 |
| Total Workers Employed (Employers Survey) | 128,500 | 127,857 | 126,315 |
| Average Weekly Wages | $ 1,030.00 | $ 1,030.00 | $ 980.00 |
| Gas Meters | 69,938 | 69,992 | 69,505 |
| Interest Rates: 30 Year Mortgage Rates | % 6.875 | % 7.000 | % 6.375 |
| Building Permits Dollar Amount | $ 26,955,474 | $ 12,311,107 | $ 11,118,866 |
| Year to Date Permits | $ 40,891,814 | $ 14,400,088 | $ 28,213,067 |
| Residential Starts | 49 | 46 | 75 |
| Year To Date Starts | 95 | 51 | 92 |
| Median House Sold Price | $ 245,000 | $ 236,800 | $ 225,000 |
| Drilling Rigs In Panhandle | 4 | 1 | 5 |
| Oil Price Per Barrel | $ 79.72 | $ 78.20 | $ 73.32 |
| Natural Gas | $ 1.78 | $ 1.70 | $ 2.61 |
| Wheat Per Bushel | $ 5.84 | $ 6.09 | $ 7.72 |
| Fed Cattle Per CWT | $ 185.00 | $ 182.00 | $ 165.00 |
| Corn Per Bushel | $ 4.39 | $ 4.33 | $ 6.25 |
| Cotton (Cents Per Pound) | $ 76.40 | $ 73.20 | $ 80.20 |
| Milk | $ 16.40 | $ 16.20 | $ 17.75 |
*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
{beginAccordion h3}
2024 Economic Analysis
{endAccordion}
{beginAccordion h3}
2023 Economic Analysis
{endAccordion}