Economic growth is expected to continue in Nebraska, despite an anticipated drop in farm income. The Nebraska Business Forecast Council predicts farm income to drop from record highs in 2011, but doesn’t expect that to slow steady state economic growth.
University of Nebraska-Lincoln Bureau of Business Research Director Eric Thompson says the council sees steady job growth as well. . .
Farm income hit record levels in 2011. The Nebraska Business Forecast Council expects farm income to fall to around 5(B)Billion dollars annually for the next few years. Thompson says personal income will dip a bit as well, but primarily due to a technical adjustment. . .
The services sector will continue to lead the state’s economic growth. The housing recovery continues in Nebraska and the state food processing industry should continue to grow, pushed by increased foreign demand. The council expects farm income to drop slightly, but remain strong.