The Rural Mainstreet Index (RMI) decreased to its lowest level in two years, to below growth neutral, as severe drought conditions continue to have an adverse effect on the rural economy . The farmland price index declined this month to its lowest level since September of 2010, but remained above growth neutral for the 30th consecutive month.
According to Creighton University economist Ernie Goss, “The drought is putting a dent into the economies of the agriculturally dependent areas of the 10-state area. Just as the region has benefited mightily from very healthy farm income over the past few years, we are now detecting warning signals of a significant economic reversal for rural areas.”
For daily articles on farmland and agriculture, visit www.farmlandforecast.com