Statewide Iowa (RI) – The latest Creighton University Rural Mainstreet survey shows nearly 63% of rural bank CEOs in Iowa and nine other Midwest states believe the rural economy is either in a recession now or will sink into recession next year.
Creighton University economist Ernie Goss directs the survey and calculates a monthly economic index for the region. It has fallen to its lowest level since May of 2020.
According to the International Trade Association, Iowa has exported more than a billion dollars’ worth of agricultural goods and livestock so far this year, about 28 percent above last year’s tally.
However, over 18% of the rural bankers who responded to the Creighton survey expect farmers in their area will wind up earning less than they spent raising crops and livestock this year.
About 58% of the bank CEOs expect farmland prices to fall next year.
Goss says data indicates there’s been an uptick in farmland prices in Iowa so far this month.
KIWA Staff Photo
