Two Strong Economic Signs For Nebraska, Plains Region

Lincoln, NE (April 15, 2021)  State officials say Nebraska state government tax collections beat expectations in March. The Nebraska Department of Revenue reports net tax collections of $363 million for the month, which is 18.6% higher than the certified forecast of $306 million.

The increase was driven by higher-than-expected sales-and-use and individual and corporate income tax receipts. Miscellaneous tax receipts were lower than expected.

Tax collections are also up for the fiscal year, which ends on June 30. The state has netted $4.133 billion so far in the fiscal year, which is 15.6% above the state’s certified forecast of $3.574 billion.

A new survey of bankers suggests strong economic growth continues in rural parts of 10 Western and Plains states even though business continues to lag behind the level it was at before the coronavirus pandemic began.

The overall index for the region declined slightly from March’s 71.9 but remained at a strong level of 69. Any score above 50 suggests a growing economy.

Creighton University economist Ernie Goss said improving grain prices, continued low interest rates and growing exports have all helped the economy in rural areas. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.

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