- For the fifth straight month the overall index has remained at or above 50.0.
- More than one-fifth of bankers, or 21.9 percent, expect an increase in farm loan defaults stemming from recent floods.
- Farm loans soared to their highest level since initiation of survey in 2006.
- Approximately 43.8 percent of bankers reported that recent floods have had a negative impact on the local economy.
Overall: The overall index slipped to 50.0 from 52.9 in March. Since falling below growth neutral in November of last year, the overall RMI has risen above the growth neutral value. The index ranges between 0 and 100 with 50.0 representing growth neutral.
“Our surveys over the last several months indicate the Rural Mainstreet economy is expanding outside of agriculture. However, this month, 43.8 percent of bank CEOs indicated that the recent floods were having a negative impact on their local economy,” said Ernie Goss, PhD, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.