Agricultural Businesses Strengthen Economy
A recent survey of banks serving rural areas showed that the economy is remaining strong in 10 Midwest and Western states. The reason that these rural areas are able to maintain a strong economy is because these states have strong agricultural businesses. The Rural Mainsteet survey showed an overall economic index that rose to a 58.5 in May from a 57.1 in April. The index ranges from 1-100 and when an economic index is anywhere above 50 the score suggests that there is growth ahead.
The survey covers Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming. The planting conditions were great this spring. Farmers were able to start planting early and the growing conditions seem to be prime for a successful year.
Although the numbers are very positive right now, Ernie Goss an economist from Creighton University, projects that the economic growth will slow as a result of crop prices dropping when the global economy weakens. Even the farm equipment sales index increased which shows that farmers are continuing to buy new equipment.
Goss believes that the economic situation for farmers is strong because there is an increasing demand for U.S. crops in developing nations. Farmland prices and equipment sales are also higher as a result of the current low interest rates and the strong farm income.
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