Region’s Economy Sinks For Third Straight Month, Economic Confidence At All-Time Low

Posted November 16, 2023

Creighton University released its Rural Mainstreet Index (RMI) report for November shows economic decline for the third month in a row, overall Rural Mainstreet Index sank below growth neutral to a three-year low.

The region’s overall reading for November fell to 40.4 from 44.4 in October and 49.5 in September. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“This is the weakest recorded reading in more than three years, or since June 2020, shortly after the beginning of the pandemic, and points to weaker farm and non-farm economies,” Ernie Goss, Ph.D. at Creighton University said.

Additionally, the business confidence index reached a record low of 21.2 from 24.1 in October. 

“Approximately 57.7% of bankers expect economic conditions to worsen in the next six months,” Goss said. 

Kansas

The Kansas RMI for November fell to 39.6 from October’s 45.0.

The Kansas farmland price index rose to 64.1 from 54.5 in October. The new-hiring index for Kansas sank to 47.6 from October’s 50.1. According to the International Trade Administration, the export of agricultural products from Kansas declined from $1.8 billion for the first nine months of 2022 to $0.9 billion for the same period in 2023, a 48.9 percent decrease.

Missouri

November RMI for the state of Missouri declined to a regional low of 29.8 from 36.5 in October.

The Missouri farmland price index rose to 61.3 from 52.1 in October. The state’s new hiring gauge increased slightly to 44.2 from 44.1 in October. According to the International Trade Administration, the export of agriculture products from Missouri declined from $913.6 million for the first nine months of 2022 to $885.4 million for the same period in 2023 for a 3.1% slump.

View the Creighton University November Rural Mainstreet Index, here.