The Nebraska Bureau of Business Research and Forecast Council expects the pace of economic growth in Nebraska to quicken over the next three years. Nebraska Farm Bureau Senior Economist Jay Rempe says their report projects net farm income to grow this year and in 2018 before stabilizing in 2019.
He says the predicted farm income growth is a result of better livestock prices this year verses 2016 and more acres and better prices for soybeans in Nebraska verses other grains. Rempe says farmers have become better managers and are also seeking alternative revenue sources, which has aided net farm income.
Rempe says those alternative revenue sources include value added opportunities, different cropping methods and backgrounding of calves.
Nebraska’s projected net farm income growth at 5.5 percent for 2017 and 5.9 percent for 2018 is better than the latest USDA projections which show U.S. net farm income improving 2.7 percent for 2017.
