Creighton University chart compares current month to month and year ago; click here to download it and chart below. |
The rural Midwestern economy improved slightly over the past month, but is still below pre-pandemic levels, according to the August edition of Creighton University's Rural Mainstreet Index. The index is a survey of bankers in about 200 rural communities with an average population of 1,300 in 10 states where agriculture and energy are critical to the economy: Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming.
Other things of note from the report:
- August's index marks the sixth straight month with a reading indicating a recession.
- The farmland price index inched above growth-neutral for only the second time in the last 81 months.
- Some areas, such as western South Dakota, saw an economic boost from tourism and recreation because they didn't shut down businesses during the pandemic.
- Nearly 46% of bankers surveyed who have ethanol plants nearby reported temporary shutdowns. The other 54% reported slow expansion of ethanol production.
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