Nebraska Business Forecast Council Economists say once the final figures for 2018 are in, the state’s annual farm income will drop below $2 billion. UNL Economist Dr. Eric Thompson, Director of the Nebraska Bureau of Business Research, says that’s the lowest level since 2002.
Federal Reserve Bank of Kansas City officials say farm incomes are likely to have a weak start in 2019 and lenders are tightening credit. Thompson says that’s make for challenging economic times for Nebraska’s farmers and ranchers.
He says while there likely won’t be a quick economic rebound, there could be some improvement going forward.
The drop in farm income has led to signs of stress in Nebraska. Farm bankruptcy filings are up in the state, from six new cases filed in 2016 to 21 last year. And the Nebraska Rural Response Hotline has had four months with record numbers of callers.
