According to a report released by the Amarillo Economic Development Corporation, the Amarillo economy has experienced an accelerated rate of growth in 2018 so far.
In the report prepared by RegionTrack, the growth rate surged to 2.8 percent, which is about 1 percent higher than the national average for the same time period. This is the fastest pace of job growth in the region since 2011.
Barry Albrecht, AEDC president, says this is fantastic for Amarillo. “This report is a clear illustration of our economy and what has happened since the beginning of the year. We’ve experienced the largest job growth rate percentage since 2011, showing a 2.8 percent increase…That’s 3300 new jobs,” Albrecht says.
RegionTrack reports that the Amarillo area is currently experiencing an all-time high rate of employment. According to the Texas Workforce Commission, in July, Amarillo reported a 2.9 percent unemployment rate, which is about 1 percent below the rate of both Texas and the United States.
RegionTrack predicts that hiring in Amarillo will continue to outpace national job gains in the second half of 2018 and into next year.
The report states that nearly all areas of the local economy are performing well, especially the Hospitality sector, which has added 700 jobs in 2018. Other major sectors experiencing the largest gains include Mining and Construction, adding 600 jobs, and Education and Health Services, adding 500 jobs.
The report also states that acceleration locally combined with ongoing state and national gains will allow economic growth in Amarillo to continue.