The Amarillo EDC's mission is to promote business expansion in the greater Amarillo area that builds a stronger, more diversified economy. The Amarillo EDC assists primary businesses, which are companies that sell or provide the majority of their products or services outside the Texas Panhandle region, and do not compete directly with existing local businesses.
The EDC provides aggressive business incentive programs funded from the proceeds of a half-cent sales tax for economic development. Throughout its 25-year existence, the Amarillo EDC has engaged more than 100 projects, building a "Portfolio of Success" for the citizens of Amarillo. According to a recent report prepared by The Perryman Group, an independent research firm, the annual economic benefits stemming from companies assisted by the Amarillo EDC include $5.5 billion in gross product each year and 54,141 permanent jobs in the Amarillo Metropolitan Statistical Area (MSA). This overall impact represents about 44.4% of the economy and 62.8% of the incremental growth since the inception of the organization. The firm also estimates that one in three jobs in Amarillo area is linked to an Amarillo EDC project.
And this growth pattern is expected to continue. The Perryman Group's forecast for the 2013-2018 time horizon calls for expansion in real gross product of 4.14% per year, resulting in an increase of almost $2.13 billion by 2018. Additionally, nearly 13,000 jobs are likely to be added over the period. The past and anticipated future activities of the Amarillo EDC will serve as a major source of stimulus.
Cash grants and interest-free loans are available to companies creating new jobs in Amarillo. The level of financial assistance from Amarillo EDC is determined by a formula based on the number of new jobs a company will create, the average wage rate of those jobs, and the company's total capital investment in the project. To learn more about the financial services the Amarillo EDC can provide, click here.