September 22, 2016
5 Factors That Are Fueling Amarillo's Fast Economic Growth
Growth doesn't just happen. It requires a careful balance of factors within the market. When these factors come together, they create an engine that drives the economy forward.
The stronger the factors, the greater the forward momentum an economy will experience. Some of these factors are permanently fixed, while others remain fluid throughout the economic cycle. Here are a five factors that are fueling Amarillo's economic growth.
Economic Growth Factors In Amarillo
Natural Resources - Oil is big business throughout Texas, and "Texas Tea" is well known throughout the world.
However, oil isn't the only natural energy resource you'll find. Over the past few years, companies have started turning towards the sky, and the manufacture and installation of wind turbines.
In fact, Gestamp Renewable Industries is in the process of building one of North America's largest wind turbine manufacturing facilities right in our own backyard.
Infrastructure - Economic growth depends on a solid infrastructure that includes roads, bridges, electrical grids, communication networks. It also requires physical facilities such as factories and office parks where businesses can operate.
To facilitate growth, the City of Amarillo is spending $900 million through the Wise Investments for Amarillo's Future Program. The program will not only give the city the infrastructure needed for future growth, it includes funding for enhancements to existing facilities, parks, and other services that make Amarillo a more comfortable place to live and set up business.
Human Capital - A strong labor force is required for any business to grow and prosper. This requires a mix of educated workers, skilled labor, and entry-level workers. Long-term growth requires attracting a wide variety of workers into the area so that the functions business depends on can be performed.
To that end, Amarillo's population has grown considerably over the past 25 years. Today, the city is home to nearly 200,000 residents who are eager to do the jobs that need to be done.
Moreover, the city's 2.9% unemployment rate and the utilization of continuing education programs within the city indicate that the city has a healthy and evolving balance of the skills and abilities businesses require.
Law & Regulation - The laws and regulations set forth by city officials determine the flow of business. When laws and regulations remain sensible and are kept to a minimum, it creates an environment where business can prosper.
While it is imperative to protect the health and safety of workers and the environment, it is crucial to keep government reach into the functions of the economy to an absolute minimum.
Capital Investments - Businesses that invest in capital improvements are businesses that innovate and drive the economy forward. Businesses stagnate when they cease investing in their businesses, and continued investment is essential for long-term economic stability within the community.
If you are interested in learning more about how our economy is prospering, contact the Amarillo Economic Development Corporation. We will be happy to answer your questions and tell you about the latest developments happening within the Amarillo business community.
See how much Amarillo has grown over the past few years by downloading our free infographic!