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March 27, 2024Omaha, Neb. |  By: Jeremy Werner

Rural Mainstreet Index shows continued stagnant growth

economy

OMAHA, Neb. - According to a economic survey that looks at rural areas in 10 states, including Missouri, Iowa, Nebraska and Kansas, growth remains stagnant.

The Rural Mainstreet Index, conducted by Creigton University, has declined for the seventh consecutive month. The overall reading for March plunged to 38, its lowest level since June 2020, indicating economic contraction.

Experts behind the survey attribute this decline to various factors, including higher interest rates, weaker commodity prices, and increased grain storage costs.

Despite the decline, farmland prices remain relatively stable, with the index standing at 56, indicating continued growth but at a slower pace.

Concerns over loan delinquencies are minimal, with only a slight increase reported over the past six months. However, approximately 29.2% of bankers have tightened credit standards due to weaker commodity prices.

The downturn extends to farm equipment sales, plummeting to 30.4 in March, the lowest since May 2020.