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Creighton University reports continued rural growth

Wednesday, June 23, 2010

Farmland prices showed continued growth.
Farmland prices showed continued growth.

Farm equipment users saw land values increase in June, while sales of machines also increased, according to a monthly study from a university in Omaha, Nebraska.

Creighton University has released its monthly Rural Mainstreet economy index, a measurement that gives some idea whether the rural economy is seeing any improvement. To determine that, bank CEOs in 10 states are asked about financial concerns, including land prices and employment.

"After 26 consecutive months of below growth neutral readings, the overall index has now moved above growth neutral for two consecutive months," Ernie Goss, an economist at the school, said.

However, the report did show that the growth index decreased from 54.3 in May to 52.6 in June. A reading above 50 indicates growth in the rural economy.

Still, land prices were up, and the sale of farm equipment jumped from 50.9 to 53.1 on the index. Goss said he expects land prices and machinery sales to remain in positive territory for a number of months.

Recently, the Association of Equipment Manufacturers reported that sales of farm equipment were up 5.7 percent in May when compared to the same time last year.ADNFCR-2034-ID-19854517-ADNFCR

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