Amarillo National Bank released the numbers of how the economy in Amarillo fared in 2012. They also gave their forecast for what's to be expected this year.
Ultimately, Amarillo made out very well in 2012. The rising number of jobs was a big factor last year causing economic growth. 3,000 more people found jobs helping to increase retail sales.
One of the biggest beacons of hope in the area was the oil boom in the East Texas Panhandle. It is predicted to last about 10 to 20 years.
They predict the job growth momentum continuing as well as housing sales, constructions and even retail sales.
Despite the nation's rough economy, Amarillo's economy has been pretty steady over the years. Senior Vice President, William Ware states that this is because of Amarillo's diverse economy. Amarillo has more motivated workers and better working environments than many other areas. He also states that Amarillo has multiple pillars of the economy unlike many areas that just have one driving factor.
Their main concern of 2013 is the lack of rain. "The drought will continue to hurt us if we don't get any rain," said Ware. "Drought is one of our major drags in the economy and it will slow down the agriculture business and cattle and diary sectors respectfully."
