Economic hangover coming to an end
Tue, 28 Feb 2012 22:09:06 GMT —
Many are still waiting for the 2009 recession hangover to be over. Yes, even here in the Panhandle.
There is some positive news for us.
"The general trend which we have analysed for 2011 was a very solid trend. We had a major recession in Amarillo in 2009. We had some recovery in 2010 and a very strong recovery in 2011," said economist Karr Ingham.
This quick recovery is why so many people think Amarillo is recession proof.
And, for college graduates, out on their own for the first time the quick recovering economy of amarillo is especially good news.
"This is my first time as an actual real consumer and being part of the job market," said Taji Senior, a recent college graduate. "I just bought a car and moved out on my own for the first time," she added.
Senior's mother also bought a new car.
She and her mom are among many consumers becoming more confident in the economy.
"I pay rent and can afford things i didn't think i'd be able to before with the economy," Senior said optimistically.
The economy in Amarillo was eight percent better in 2011 than in 2010 and even the drought didn't seem to effect our economy.
"It doesn't seem to have hampered the economy in Amarillo or across the region to the extent that we might have thought," said Ingham.
He also says we will continue to see modest economic growth both nationally and locally.
"We're still recovering in many ways from the effects of that recession. But it seems to be as though 2012 will be a year of economic growth."