Region’s Economy Index Declines Again in October, Second Straight Month

Posted October 19, 2023

Creighton University released its Rural Mainstreet Index (RMI) report for October shows for the second straight month, overall Rural Mainstreet Index sank below growth neutral to a 2023 low.

The region’s overall reading for October fell to 44.4 from September’s 49.5. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“This is the weakest recorded reading for 2023 and points to weaker farm and non-farm economies. Despite this weakness, only 26.8 percent of banks reported tightening credit standards for farmers while 34.5 percent indicated that their bank had tightened credit standards for businesses in their area,” Ernie Goss, Ph.D. at Creighton University said.

The Kansas RMI for October fell to 45.0 from September’s 48.7.

The Kansas farmland-price index declined to 54.5 from 63.6 in September. The new-hiring index for Kansas improved to 50.1 from September’s 48.5. According to U.S. BLS data, the state’s Rural Mainstreet Economy has expanded employment by 1.1 percent over the past 12 months, compared to a higher 1.2 percent for urban areas of the state for the same period of time.

Missouri’s October RMI declined to 36.5 from 40.2 in September.

The Missouri farmland-price index dropped to 52.1 from 61.2 in September. The state’s new hiring gauge decreased to 44.1 from 45.5 in September. According to U.S. BLS data, the state’s Rural Mainstreet Economy has contracted employment by 0.6 percent over the past 12 months, compared to an expansion of 2.1 percent for urban areas of the state for the same period of time.

View the Creighton University October Rural Mainstreet Index, here.