AMARILLO, Texas (KAMR/KCIT) — The Amarillo Economic Development Corporation released its mid-year report last week, and while most of the numbers from the report are good for our economy here locally, a major red flag comes nationally today with what’s called a yield curve inversion.
Today marked the first time since 2007 that 10-year bond yields fell below two-year yields, causing the inversion, which historically signals an approaching recession.
The closing bell today sparking some panic in our nation, but AEDC president Kevin Carter says he’s not worried about the yield curve inversion impacting our local economy. He says our economy here is very diversified, with many sectors growing within the past year.
“In the last 6 months, we added 1,300 new jobs in the Amarillo economy. 700 of those 1,300 are in the hospitality industry, and that means you have a lot more opportunity as a citizen, to do more things. And 300 construction jobs, that’s huge, that means Amarillo is growing,” Carter explained.
The unemployment rate in Amarillo is down to 2.5 percent, compared to the state average of 3.4 percent, and the national average of 3.7 percent.
While our lower number might sound like a good thing, it also provides a bit of a challenge.
“When your unemployment is great but it’s also a challenge as far as attraction of new businesses,” Carter explained. “So we’re working with several organizations in town to try to keep our workforce here in Amarillo that we’re growing in the school districts and then also we’re trying to attract new workforce to our area.”
Carter says they’re hoping to grow the technology sector in the coming years.
Another positive to the most recent report from the AEDC, the retail economy in Amarillo is set to hit $4 billion by the end of the year. “That’s just unbelievable for a town this size,” Carter added.