March 6th 2023

A Publication About Everything New & Growing In Amarillo

Good Morning,

There is no weekly sponsor this week, so we can really get straight to the meat and potatoes, which are some key pieces of information that we believe you need to know about the growth of our city.

Please use the link below if you would like to become a weekly sponsor and advertise with our brand, no matter if your business is big or small. We understand that the core of our city and its growth are small business owners and YOU, the consumer of these businesses. We love to provide value and information to everyone to continue to stand true to our number 1 goal, which is to grow Amarillo.

Here's what we've got for you today:

• Weekly Weather

• Buc-ee's Update & A New Business Coming To Amarillo

• Amarillo Real Estate & Housing Market

• City Events

Here, you can expect to discover the latest in our thriving city, whether you stumbled upon this email subscription or you are actively seeking updates. Maybe, you are an entrepreneur looking to seize the opportunity to gain an advantage in our fast-growing soon to be "metropolis", or even scout out the best deals around town. Whatever your motivation, we have something to offer everyone.

Weekly Weather

Buc-ees's Update & Other New Business Coming To Amarillo

Usually, we would be talking about another Toot N Tootum popping up, but I'm sure there will be plenty more of those for us to talk about in the future.

You don't normally think of it, but a new travel stop/truck stop fuel station is great news when talking about the growth of a city, especially when it's the caliber of a Buc-ee's. Of course, everyone knows the Buc-ee's brand, and getting a chance to stop there when traveling back from a bigger city like Dallas or Houston is the one small ounce of excitement you have when thinking about making that long haul of a drive back to Amarillo.

In late 2021, we started hearing rumors about the possibility of Amarillo getting its very own Buc-ee's, but since then, we have been at a standstill on the progression of this project. We won't go into too much detail on why this project has not made much progress lately, but we will say that a 53,000 square foot travel center that costs upwards of $30 million dollars is not a straightforward process even in the early phases. If agreements to move forward continue, we could see it take an additional 18-24 months to build a facility of this size once they get through this pre-construction phase, which, at this pace, will put us into 2025.

However, there is still some excitement going forward. Just 1 mile west of the proposed Buc-ee's site, we are seeing proposals for another travel center that is progressing faster than Buc-ee's, which is Road Ranger.

This station will have a community rest area, charging station, and a dog park, as well as several food options in its convenience store, such as Tejas Taco and Dan's Famous Pizza.

Although its progress has been slow, there are some things to be excited about with the growth of our city and these new stations that are popping up.

A travel stop or truck stop gas station can be good news for a growing city for several reasons:

Boosts Local Economy: A travel stop or truck stop gas station can attract travelers passing through the city, which can help boost the local economy. These types of businesses often have amenities such as restaurants, convenience stores, and lodging, which can provide a source of revenue for the city and create jobs for locals.

Convenience for Travelers: A travel stop or truck stop gas station can provide a convenient place for travelers to refuel, rest, and purchase necessary items. This can be particularly important for truckers who need a place to park their vehicles and rest during long hauls. By providing these services, the city can become a more attractive destination for travelers, leading to increased tourism and economic growth.

Provides Infrastructure: Travel stops and truck stops typically have large parking areas and facilities designed to accommodate commercial vehicles. By providing this infrastructure, the city can attract more businesses and industries that rely on trucking and transportation. This can help diversify the local economy and create new opportunities for job growth

Increases Tax Revenue: Travel stops and truck stops can generate significant tax revenue for the city, including sales tax, property tax, and hotel occupancy tax. This additional revenue can be used to fund important public services such as schools, public transportation, and infrastructure projects.

Improves Safety: By providing a place for truckers to rest and recharge, travel stops and truck stops can help improve safety on the roadways. Tired drivers are more likely to cause accidents, and providing a safe place for them to take a break can help prevent accidents and save lives.

Enhances City Image: A well-maintained travel stop or truck stop can enhance the city's image and reputation as a welcoming and convenient destination. This can help attract more visitors and businesses to the city, leading to additional economic growth and job opportunities.

Overall, a travel stop or truck stop gas station can provide several benefits to a growing city, including increased revenue, job opportunities, and improved infrastructure.

We will continue to keep you updated on these projects moving forward.

Amarillo Real Estate & Housing Market

 Housing Market: The housing market in Amarillo has been steady, with a relatively low inventory of homes for sale compared to the number of buyers looking to purchase. Home prices have been increasing gradually, with the median home value in Amarillo at around $163,000 as of 2021 and now is well above $200,000. However, Amarillo is still considered an affordable place to live compared to other major cities in Texas.

Commercial Real Estate: Amarillo is a growing hub for businesses and entrepreneurs, which has led to a thriving commercial real estate market. The city has seen an increase in commercial property construction, particularly in the downtown area, which has helped attract new businesses and drive economic growth.

Rental Market: The rental market in Amarillo is relatively affordable compared to other cities in Texas, with the median rent for a two-bedroom apartment at around $875 as of 2021, which has increased since. The rental market has also been steady, with a low vacancy rate of around 6%. Overall, the real estate market in Amarillo has been stable and growing steadily. The city's affordability, growing economy, and expanding commercial and residential development make it an attractive place to invest in real estate. So what does this mean?

Well, information continues to change daily about the current state of the nation's real estate market. No one has an exact prediction of what will happen in the future, but having upfront information about where we currently stand is always great, and there are several things to look at in our market versus others.

Currently, home prices are dropping in major cities across the US, with some dropping faster than others. For instance, home prices have dropped 14% in Austin, Texas, recently, with that number being significantly lower in Amarillo. In 2022, homes in Amarillo increased on average by 8.52% and have held relatively close to that since.

Some would say our city has become a more desirable place to live, and we already had very low home prices in comparison to other cities, which, in turn, may result in a slower drop-off in prices and may mean we may not see such a high decline like other cities.

It's difficult to predict with certainty what will happen to home prices in Amarillo in 2023, as many factors can influence the housing market. However, here are some possible reasons why home prices in Amarillo may not decrease in 2023: Strong Demand: Amarillo has experienced a significant increase in population over the past few years, driven in part by job growth and a relatively low cost of living. As a result, there is a strong demand for housing, particularly in desirable neighborhoods or areas close to amenities like schools, shopping, and restaurants. This high demand for housing may help keep prices stable or even increase, depending on the supply of available homes.

Limited Supply: Like many cities in the United States, Amarillo is facing a shortage of available housing, particularly in the entry-level and mid-level price ranges. This limited supply can drive up prices, as buyers compete for a limited number of homes. Unless the supply of available homes increases significantly, prices may not decrease in 2023.Low Interest Rates: The Federal Reserve has indicated that it intends to keep interest rates low for the foreseeable future. This can make it more affordable for buyers to purchase a home and may encourage more people to enter the housing market. Increased demand can put upward pressure on prices.

Economic Growth: Amarillo's economy has been relatively stable and diverse, with strong industries in healthcare, education, and agriculture. If this economic growth continues, it may lead to an increase in the number of well-paying jobs and a higher demand for housing, which can keep prices stable or increase.

Inflation: Inflation can impact home prices in several ways. As the cost of goods and services increases, builders may face higher costs for materials and labor, which can increase the price of new homes. Additionally, inflation can erode the value of the dollar, which can make homes a more attractive investment for people looking to protect their wealth. This increased demand can also put upward pressure on prices.

Overall, while there is no guarantee that home prices in Amarillo will not decrease in 2023, strong demand, limited supply, low interest rates, economic growth, and inflation are all factors that can contribute to stable or increasing prices in the housing market. We love to see this trend continue in hopes that it can continue our cities growth.

City Events

March 6th

• Academic Advantage Program - 12:30 PM

• Income Tax Assistance

March 7th

• City Federal Credit Union Annual Meeting - 7:00 PM

• Pajama Storytime

March 8th

• Harlem Globetrotters World Tour

• Just Between Friends Consignment Sale - 9:00 AM

• Ross Rogers - AISD Triangular SG Mustang - 9:30 AM

• Amarillo Public Health at East Library - 9:30 AM

• Immunization Clinic - 12:30 PM

• Income Tax Assistance

March 9th

• Just Between Friends Consignment Sale

• Excavation Seminar* - 2:00 PM

• Trusted Messenger Training - 7:00 PM

• Amarillo Reads

March 10th

• Just Between Friends Consignment Sale

• Western Antiques & Collectibles Show

• Amarillo Bombers vs New Mexico Runners

• Inspirational Book Club

March 11th

• Just Between Friends Consignment Sale

• Western Antiques & Collectibles Show

• Texas Gun & Knife Show

• Grupo Bronco - 9:00 AM

• Comanche Trail - Top of Texas AM Tour SG Tomahawk - 9:30 AM

• Yoga at the library - 11:00 AM

• Yoga at the Library - 11:00 AM

• Income Tax Assistance - 12:30 PM

• Teen Animé Club - 3:00 PM

Please use think link to check more specific time and dates for these events.

Would you like to be the sponsor of our next newsletter? This will highlight you as a new business coming to town or a featured business that already in operation. Please fill out the contact form below to receive more information!

If you would like to share this with anyone please make sure to use the share buttons at the top of the page.

Thanks for spending time with us and enjoy your week!