Survey Details
| Table 1: Rural Mainstreet Economy Last 2 Months and 1 Year Ago: (index > 50 indicates expansion) | |||||||
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Apr. 2012 | Apr. 2012 | |||||
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Area economic index | 59.8 | 57.1 | ||||
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Loan volume | 48.4 | 52.8 | ||||
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Checking deposits | 69.4 | 72.6 | ||||
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Certificates of deposit and savings instruments | 48.4 | 53.5 | ||||
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Farmland prices | 78.7 | 69.4 | ||||
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Farm equipment sales | 61.5 | 62.4 | ||||
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Home sales | 60.0 | 60.8 | ||||
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Hiring | 64.8 | 59.3 | ||||
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Retail business | 53.4 | 52.9 | ||||
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Confidence index (area economy six months out) | 63.0 | 60.6 | ||||
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Table 2: The Rural Mainstreet Economy, March 2012 | ||||||
| Percentage of bankers reporting | |||||||
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51%-75% | 33%-50% | 10%-32% | Less than 10% | |||
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What percent of agriculture land sales in your area over the past year have been made to nonfarmer investors? | 7% | 22% | 55% | 16% | ||
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51%-75% | 33%-50% | 10%-32% | Less than 10% | |||
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What percent of farmland purchases in your area are cash sales (not financed)? | 8% | 30% | 46% | 16% | ||
The States
Colorado: For the 16th straight month, Colorado’s Rural Mainstreet Index (RMI) remained above growth neutral. The index for April expanded to 70.0 from 63.1 in March. The farmland and ranchland price index sank to a still robust 70.0 from March’s 78.0. Colorado’s hiring index for April was 63.9 which was down from March’s 65.7. Rural Mainstreet year-over-year job growth is almost double that of the state’s urban areas.
Illinois: The RMI for Illinois remained above growth neutral for the 24th straight month. The April RMI slipped to 51.8 from March’s 53.2. Farmland prices remained significantly above growth neutral with a reading of 59.0 for April but down from 65.5 in March. The state’s new hiring index dipped to 53.4 from March’s 57.4. Both urban areas and Rural Mainstreet areas are adding jobs on a year-over-year basis at an almost equal, but slow pace.
Iowa: Iowa’s April RMI dipped slightly to 58.3 from 58.5 in March. The farmland price index declined to a still strong 65.1 from 71.3 in March. Iowa’s new hiring index for April decreased to 57.4 from March’s 61.3. Rural Mainstreet year-over-year job growth is approximately one and one-half times that of the state’s urban areas.
Kansas: The Kansas RMI for April slumped to 49.1 from March’s healthier 54.9. The farmland price index declined to 65.0 from 74.9 in March. The state’s new hiring index declined to 57.4 from 63.7 in March. Rural Mainstreet year-over-year job growth and urban job growth in the state have both slowed significantly in the past few months.
Minnesota: The April RMI for Minnesota rose to 63.1 from March’s 60.0. Minnesota’s farmland price index advanced to 75.4 from 70.2 in March. Minnesota’s new hiring index rose to 61.5 from March’s 60.5. According to Pete Haddeland, CEO of the First National Bank in Mahnomen, “Farmland prices continue to be strong. Some small grains have been planted. Great conditions for planting.” Rural Mainstreet year-over-year job growth is more than triple that of the state’s urban areas.
Missouri: The RMI for Missouri inched forward to 50.9 from 50.3 in March. The farmland price index for April sank to 51.6 from 55.6 in March. Missouri’s new hiring index dipped to 49.5 from 51.3 in March. Rural Mainstreet year-over-year job growth has turned negative while the state’s urban areas continue to add jobs.
Nebraska: The March RMI for Nebraska tumbled to 52.4 from February’s much stronger 61.7. The farmland price index declined to 64.1 from February’s 79.2. Nebraska’s new hiring index advanced to 56.5 from 55.6 in February. Bill McQuillan, CEO of CNB Community Bank of Greeley said, “Irrigated farm ground and pasture prices continue to escalate at a rate of 15 percent to 25 percent year-over-year. The big question is how long is this sustainable?”
North Dakota: The North Dakota RMI for April soared to 91.2 from March’s supercharged 84.3. The farmland price index advanced to 93.2 from 82.3 in March. North Dakota’s new hiring index dipped to 84.3 from March’s 88.5. Rural Mainstreet year-over-year job growth is more than triple that of the state’s urban areas.
South Dakota: The April RMI for South Dakota declined to 51.3 from March’s 53.2. The farmland price index slumped to 57.4 from March’s much stronger 79.3. South Dakota's new hiring index for April sank to 52.3 from March’s 57.4. Rural Mainstreet year-over-year job growth is almost nil while the state’s urban areas are adding jobs at a solid pace.
Wyoming: The April RMI for Wyoming slumped to a solid 54.5 from March’s 56.4. The March farmland and ranchland price index tumbled to 53.6 from 79.8 in March. Wyoming’s new hiring index sank to 53.6 from March’s 59.0. Year-over-year urban job growth in the state is now significantly outpacing that of Wyoming’s Rural Mainstreet.
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