Rural Mainstreet Index Remains Above Growth Neutral for Sixth Straight Month

The Creighton University Rural Mainstreet Index (RMI) declined in February, but remained above growth neutral. This the sixth straight month the reading has moved above growth neutral, which is 50, according to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

“Due to weak farm income, 40.6% of bankers reported that their banks had restructured loans while only 3.1% indicated that their banks had rejected a higher percentage of farmland loans,” said Ernie Goss, PhD, Jack A. MacAllister Chair in Regional Economics at Creighton University.

The Nebraska RMI for February sank to 48.3 from January’s 49.1. Over the past 12 months rural areas in Nebraska lost jobs at a rate of minus 1.0% compared to a gain of 2.8% for urban areas of the state.