Monday, Aug 22 2011 3:01PM
The rural ecoomies in Colorado and Wyoming remain slightly above healthy, according to the latest Rural Mainstreet Index.
According to Creighton University's latest Rural Mainstreet Index (RMI), the economies of Colorado and Wyoming were stagnant during August, and the overall RMI slipped to a new low for the year.
The report, which shows the economic progress of 10 states in the Midwest and Great Plains, indicates Colorado's RMI fell from 55.9 in July to 50.7 in August, and Wyoming's index decreased from 57.4 to 51.2 month-to-month. A reading between 50 and 100 signifies a healthy economy.
Though new hiring grew slightly in each state, the report notes economic confidence, home sales and loan volume declined on a monthly basis on average for all reported states.
"A weak economy and significant economic volatility have encouraged nonfarm investors to buy nonfinancial assets including farmland," said Creighton University economist Ernie Goss, who helped conduct the survey. "This continues to be an important component of farmland price growth."
To spur economic activity in the nation's rural economies, President Barack Obama recently unveiled new initiatives which will be conducted by various government agencies, including the U.S. Small Business Administration, to help communities with job growth.