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| Creighton University chart compares current month to last month and year ago; click here to download the full report. |
A February Creighton University survey of rural bankers in 10 Midwest states that rely on farming and energy showed sunny local economic predictions for six months from now, with the confidence index rising to its highest level since 2011. However, hiring and retail sales remain weak and low loan volume is still a concern. The index is a survey of bankers in about 200 rural communities with an average population of 1,300 in Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming.
Though current economic activity is still below pre-pandemic levels, "sharp gains in grain prices, federal farm support, and the Federal Reserve’s record-low interest rates have underpinned the Rural Mainstreet Economy. Only 8 percent of bank CEOs indicated economic conditions worsened from the previous month," Creighton economist Ernie Goss writes.
Farmland prices, farm equipment sales, home sales, and checking deposits were all up a little from last month and a lot from last February. The farmland price index reached its highest level since May 2013, and marks the first time since 2013 that the survey has recorded five straight months above growth-neutral in that category, Goss reports. Farm equipment sales, likewise, have been above growth neutral for the past three months after 86 consecutive months below growth neutral. Half of the bankers surveyed said they expect agriculture equipment dealers to see a 1%-4% increase in sales over the next 12 months, and 23% said they expect to see a 5%-10% increase.
from The Rural Blog https://ift.tt/3bo9U9A Rural Midwest banker survey shows highest economic outlook since 2011, though hiring and retail sales still down - Entrepreneur Generations
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