The City of Amarillo continues to make progress toward improving the overall economy for its residents and businesses through strategic investments and improvements to the development process. The Amarillo Economic Development Corporation (AEDC), the City’s Type A Sales Tax corporation, assisted in the creation of 468 new jobs recently through the Texas Tech Veterinary School, CHEP Pallet Company, Sharpened Iron Studios, Suspendum and SSI Foods with an overall economic impact to Amarillo of over $100,000,000. To help analyze and consider projects seeking financial support, the City Council adopted new incentive policies and guidelines in August 2019. This document helps ensure requests being considered will be in line with the City’s overall goals and objectives.
preparing for the future
To prepare for the future, AEDC also acquired additional land in Randall County for a new business park and land near the medical district to attract businesses that would complement the Texas Tech Medical, Pharmacy, and Veterinary schools. To support new businesses in Amarillo, the City has a dedicated customer service coordinator to assist with troubleshooting concerns in the development process. Additionally, the City will implement new permit software to streamline the intake and review process in the near future.
Over the last 12 months, the City of Amarillo maintained strong economic benchmarks even during the COVID-19 pandemic. The Amarillo MSA most recently led Texas with the lowest unemployment rate of 4.2%. This is better than the US (8.5%) and Texas (7.0%) rates. Sales Tax collections for the 2019-2020 fiscal year also came in strong at a 1.33% increase compared to the same time period last year. The $3.987 Billion in taxable sales is the highest Amarillo has ever produced, with the likelihood of Amarillo surpassing four billion next year.
While building permit figures are down they have been steady with an expected 5,900 permits to be issued this calendar year compared to 6,700 last year. Single-family construction in particular is expected to surpass last year’s amount with 515 permits issued versus 445 which shows the consistent population growth Amarillo experiences on an annual basis. Overall, the data suggest that Amarillo has a strong and diverse economy that is well-positioned to withstand changes in the Texas and U.S. economy.