KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com | Amarillo's Economy: Looks Can Be Deceiving

Amarillo's Economy: Looks Can Be Deceiving

by: Kristen Guilfoos
NewsChannel 10

Amarillo, Texas - Our economy may not be doing as well as it appears on paper. If you take a cursory glance at the latest Amarillo economic analysis, it appears that we're doing better than in the past, but to get the real story, you have to take a closer look.

Construction permits are up sharply from last year, thanks to a $31 million Bell Helicopter addition and a $12 million Holiday Inn. 

While it looks promising on paper, it's really just a short term shot in the arm. Amarillo National Bank President Richard Ware says, "Jobs that last probably six to twelve months, but once they're over with, that doesn't keep things going."

The analysis also shows housing starts are up by 65%, but put it into perspective and you'll see that last year was so low that a 65% jump really isn't all that much. "Mortgage rates have gone back up, credit has tightened, so we're not all that optimistic over the next year for housing starts."

It's not all doom and gloom though... There is a bright spot to our current economic situation. Happy State Bank President Gary Wells tells us, "Commodity producers had a great year. We're seeing them put money aside, pay down their lines of credit, and really looking forward to 2010."

And since agriculture accounts for 40%of our area's income, that can only mean positive things for the panhandle. "When they make money we all feel it. That's encouraging that they've had a good year and are looking forward to 2010."

While our economy may not be as thriving as it once was, both Ware and Wells point out that we're in much better shape than most of the nation.