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News Brief

Sept. 24, 2024Omaha, Neb. |  By: Jeremy Werner

Rural Mainstreet Index continues to show economic troubles

economy

OMAHA, Neb. - The Rural Mainstreet Index, which measures the economic health of rural areas in 10 states, including Missouri, Iowa, Nebraska and Kansas, fell to its lowest level since the start of the pandemic, according to a September survey.

This marks the 13th straight month the index has been below growth neutral, with a reading of 37.5, down from 40.9 in August.

The drop is driven by weak agriculture commodity prices, falling farm equipment sales, and rising input costs.

Bankers in the region expect farmland prices to decline by an average of 5.2% over the next year, with some predicting drops of up to 20%. Additionally, nearly 40% of farmers are expected to face negative income in 2024.

Despite these challenges, exports of agriculture goods and livestock in the region are up slightly from 2023. However, concerns about the ongoing economic strain remain high in rural areas.