Amarillo's State of Economy

Amarillo's State of Economy

Amarillo City Manager says the city's state of economy is great. Jordan Chavez explains why.
AMARILLO--

When talking about the current state of Amarillo's economy, City Manager Jarrett Atkinson says there's multiple factors that make it great.

Atkinson says "We have taken a lot of the commonly available measures of that, put it together, and provided a presentation to the city council. We did that this Tuesday. What's contained in there are just summaries of a lot of the numbers we typically talk about.

According to Atkinson, the economy continues to grow at a stable rate.

Atkinson says "We see that in a lot of different ways. Investment in new retail opportunities, new growth and development in the residential areas. All of that points very well.

And while the city continues to grow, Atkinson says one important measure, however, is going down...the unemployment rate.


Jarrett Atkinson / City Manager: Amarillo, at the end of June, was at four point zero. That's less than the state rate and that's more than two percent less than the national rate.
Atkinson says the city's primary revenue source is the sales tax.

The tax is collected from people that live and shop in Amarillo, but it's also collected from the people in regions surrounding the city that use it as a trade center.

Atkinson says "As we continue to grow that sales tax base, that provides a opportunity then for us not to have to grow the property tax as high or as quickly."

Atkinson says it's realistic to expect the city is like any other household.

As people's expenses increase at home, the cities does as well.

Atkinson says having the lowest property tax is something to be proud of, but they need to be careful and ensure that they are able to grow the revenues they need to manage the growth, provide the services, and be able to accommodate the needs of the people.

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