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OMAHA, Neb. — The strength of the economy in rural parts of 10 Plains and Western states continues to drive farmland prices and farm equipment sales higher, according to a new monthly survey of bankers in the region.
The overall economic index for the region grew to 61.5 in February from January’s 61.1. Any score above 50 suggests a growing economy, while a score below 50 suggests a shrinking economy.
Creighton University economist Ernie Goss, who oversees the survey, said that on average the bankers expect corn and soybean prices to slip over the next six month, which would hurt the rural economy.
But for now, farmland prices and farm equipment sales continue growing.
The farmland price index dipped in February but remained at a high level of 78.8. That’s down from 88.5 last month.
The farm equipment sales index also remained high at 72 in February even though it slipped from January’s 72.4.
Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.
Creighton University economist Ernie Goss spoke to Bismarck-Mandan Chamber EDC members during the 2018 Economic Outlook Forum in Bismarck.
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Creighton University economist Ernie Goss spoke to Bismarck-Mandan Chamber EDC members during the 2018 Economic Outlook Forum in Bismarck.
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