By Gregg Weldon, Chief Analytical Officer
In recent years, the United States has been hit hard by the “Great Recession”. It’s interesting to note how specific areas are being affected vs. the country overall. This report looks at Amarillo, TX, as well as Texas itself. Comparisons will include home price changes, unemployment rates, and retail sales for the CBSA, the state, and the U.S. for October 2006 and October 2011.
In October, 2006, the recession was still yet-to-come, and most areas of the country were in good shape, economically.
In 2006, homes in Amarillo were priced well below the U.S. average, but were increasing in value at twice the national rate. Unemployment was rising quite a bit, despite being lower than average, while retail sales were average. The state of Texas was closer to the nation as a whole, with relatively high unemployment rates the primary concern.
Five years later, Amarillo and Texas are looking good in comparison to the nation. Note how home prices as a % of the U.S. average have increased. While US housing prices continue to fall, Amarillo and Texas have actually seen a slight increase since 2006. Meanwhile, the unemployment rate has fallen faster in Texas and Amarillo than for the rest of the U.S.
Relative to the U.S., Amarillo and Texas have weathered the economic storm fairly well, and are now starting to improve at a faster rate than the nation.