Hail Storm Provides Unexpected Benefit

Hail Storm Provides Unexpected Benefit

Sales Tax Collections are up in Amarillo by more than 7% this year compared to 2012.
AMARILLO -- This summer's hail storm has a silver lining and the entire city benefits.

        While the storm left $500,000 million in damage, it's actually helping our local economy.
       
        Sales tax numbers from the state comptroller's office show Amarillo's collections are up more than 7% compared to last year.  But, in the three months since the storm hit, we've seen a 13% jump over last year at this time.

        Amarillo National Bank Vice President William Ware says the storm was a major contributor.  "The hail storm is bringing in jobs from outside Amarillo.  Roofing companies and construction companies coming in.  Insurance adjustors.  They're staying in our hotels, spending their money in our restaurants and shopping at our stores and that is an economic benefit."  Ware said.  He adds, because there was so much damage and people are having to wait for repairs this trend should continue.

        It's not just construction and repairs driving our improving economy in Amarillo and the panhandle.  Ware says because of all the rain we've gotten this year farmers and ranchers are also benefitting.

        According to the city of Amarillo, we generally approve between 700 and 900 construction permits each year.  So far this year though, they've issued more than 12,000.



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