Introduction to Economic Development

Economic development is crucial to fostering growth, prosperity, and stability within communities. It encompasses various strategies, initiatives, and policies to improve an area's economic well-being. In the case of Amarillo, economic development plays a vital role in shaping the future of this vibrant Texan city. Amarillo can unlock its full potential and build stronger communities for its residents by promoting economic growth.

‍Introduction to Labor Day in Amarillo

Labor Day is a significant holiday in Amarillo, Texas, as it allows us to recognize and appreciate our local workforce's hard work and dedication. This day holds a special place in our hearts as we pay tribute to the contributions made by workers in various industries that drive our economy. It is a time to celebrate their achievements and express gratitude for their commitment to building a prosperous Amarillo.

Amarillo Economic Development Corporation (AEDC) is an organization dedicated to promoting economic growth and prosperity in the city of Amarillo, Texas. With a focus on attracting new businesses, retaining existing ones, and fostering entrepreneurship, AEDC plays a pivotal role in the economic climate of Amarillo.

In the vast landscape of the Lone Star State lies Amarillo, a city that embraces its Western heritage while pursuing a vibrant future. Over the years, Amarillo has witnessed significant growth and development, transforming into a bustling hub of economic activity. This blog post will explore the importance of economic development in Amarillo, Texas, and how it plays a pivotal role in shaping the city's present and future.

Over the past decade, the world of economic development has evolved significantly. The ideas that shape the financial world are rapidly changing from how business is conducted daily to how distributors deliver their wares.  As a result, business owners looking to expand or relocate to Amarillo must consider new ideas to ensure their businesses will thrive. To help, we’ve created a short list highlighting lessons we’ve learned over the last few years. 

The Texas Economic Development Council (TEDC) has announced Amarillo as a recipient of its annual Community Economic Development Awards (CEDA) for 2022. The awards were presented at the Award Luncheon at the TEDC’s 2022 Annual Conference on Thursday, October 20th, 2022 in San Antonio, Texas.

Governor Greg Abbott today announced Producer Owned Beef, LLC (“POB”) will create a new beef processing plant in Amarillo. The plant will harvest 3,000 cattle per day and sell beef and beef byproducts both in and out of Texas. The new facility allows Texas cattle producers to access the value chain and keep hundreds of millions of dollars in Texas. The project will create more than 1,500 new jobs and generate $670 million in capital investment. A Texas Enterprise Fund (TEF) grant of $12.2 million has been extended to POB. In addition, a Veteran Created Job Bonus of $8,000 has been offered.

On June 27, 2022, CVMR® (Texas) along with representatives from the Amarillo Economic Development Corporation (Amarillo EDC) hosted the groundbreaking ceremony for CVMR® (Texas). This ceremony marked Amarillo, Texas as the site for the first environmentally neutral industrial-scale critical minerals refinery in the country. 

Approval ushers in the creation of 80 new full-time jobs

Today, the Amarillo City Council approved a Location Incentive Agreement presented by the Amarillo Economic Development Corporation to support attracting Torkworx to Amarillo. This ratification comes after the approval by the Amarillo EDC Board of Directors on July 19, 2021. This final step in the approval process allows the Amarillo EDC to provide an incentive agreement to allow Torkworx to hire 80 new full-time employees over two years. 

Approval ushers in the creation of 50 new full-time jobs

Today, the Amarillo City Council approved a Location Incentive Agreement presented by the Amarillo Economic Development Corporation to support the expansion of RCC Brass in Amarillo. This ratification comes after the approval by the Amarillo EDC Board of Directors on July 19, 2021. This final step in the approval process allows the Amarillo EDC to provide an incentive agreement that will allow RCC Brass to hire an additional 50 full-time employees over a five-year period.