Forecast shows languid farm income won't stall Nebraska economy
31 Jan 2018
While weak farm income continues to be a soft spot for the state economy, Nebraska can expect growth through 2020 in several key sectors, according to the latest long-term economic forecast produced by the Nebraska Business Forecast Council and the University of Nebraska-Lincoln’s Bureau of Business Research.
Growing numbers of jobs in construction, agricultural processing and health care should offset weak growth in farm income, said Eric Thompson, an economist and director of the Bureau of Business Research.
Although annual farm income will remain significantly below the peaks seen in the early years of the decade, it is expected to rise slightly through 2020.
“Consequently, farm income should not detract from Nebraska economic growth, which should mirror stronger U.S. economic growth,” he said. “Nebraska should match U.S. job growth and see particularly strong growth in services, construction, retail trade and agricultural processing.”
The report is a first look at the prognosis for Nebraska’s economic growth into 2020.