Creighton University produces a monthly index called the Rural Mainsteet Index (RMI) indicating the overall economy for several rural states in the Midwest and Mountain states. The May Index was recently released and I thought this month I would recap the index for each of the states covered.
Any value greater than 50 indicates economic growth. The Index values by state are as follows:
- Colorado - 73.1 down from a strong 75.2 in the previous month
- Illinois - 56.7 down slightly from 56.9
- Iowa - 62.3 an almost 3 point dip from 65.2
- Kansas - 61.8 a full 9 points higher than an almost neutral 52.8 reading
- Minnesota - 66.7 almost no change from 66.8
- Missouri - 71.7 a substantial increase from 56.3
- Nebraska - 57.3 up from 54.9. In January the index was actually under 50
- North Dakota - 78.8, as would be expected this state has the highest index reading (shale oil and low unemployment will do that)
- South Dakota - 57.2 a small decrease from 58.8
- Wyoming - 55.1 a good increase from 52.8
Many of the states farmland indexes appear to be having more swings both up and down versus a more sustained increase in several previous months. Are we seeing a crest in land prices (leading to a dip) or is this just the start of the next wave. We shall see.