April 2023 Survey Results at a Glance:
- April’s overall reading, the Rural Mainstreet Index (RMI), rose above growth neutral for the month.
- More than three of four, or 76.2%, of bank CEOs oppose the recent “bailout” of Silicon Valley Bank and Signature Bank.
- Two-thirds of bank CEOs oppose all bank bailouts (i.e., community, regional and multibillion dollar banks).
- Approximately 64% of bankers reported depositors exiting due to higher financial risks.
- Checking deposits plummeted to a record low.
- Farmland prices expanded for the 31st straight month.
OMAHA, Neb. (April 20, 2023) -- After declining below growth neutral for March, the overall Rural Mainstreet Index expanded above the threshold for the month, according to the April monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.
Overall: The region’s overall reading in April climbed to 50.1 from March’s 45.6. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.
“The Rural Mainstreet economy continues to experience slow, to no, to negative economic growth. Only 8% of bankers reported improving economic conditions for the month with 84% indicating no change in economic conditions from March’s negative growth,” said Ernie Goss, PhD, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.
Overall: The region’s overall reading in April climbed to 50.1 from March’s 45.6. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.
“The Rural Mainstreet economy continues to experience slow, to no, to negative economic growth. Only 8% of bankers reported improving economic conditions for the month with 84% indicating no change in economic conditions from March’s negative growth,” said Ernie Goss, PhD, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.
RSS Feed