More than 85% of rural bankers believe former president Donald Trump would be the most supportive of the rural economy compared with his rivals in the 2024 presidential election.
Just over 85% of bankers indicated that former President Donald Trump would be the most supportive of the rural economy with 3.7% indicating Vice-President Kamala Harris and the remaining 11.1% naming another candidate, according to the Rural Mainstreet Index, a poll of bankers in 10 rural states published by Creighton University.
The overall Rural Mainstreet Index for October sank to 35.2 from 37.5 in September, the lowest reading since the beginning of the pandemic in spring 2020. The index ranges between 0 and 100, with a reading of 50.0 that represents growth neutral, according to a news release.
The poll of bankers said:
- For the fifth time in the past six months, farmland price sank.
- Farm equipment sales sank for the 15th straight month.
- Approximately, 61.5% of bankers indicated that the financial position of farmers in their service area had deteriorated over the past six months.
Rural bankers remain very pessimistic about economic growth for their area over the next six months, according to the poll. The October confidence index increased to a weak 29.6 from September’s 22.9. “Weak agriculture commodity prices and negative farm cash flow, combined with downturns in farm equipment sales over the past several months, continued to constrain banker confidence,” said Ernie Goss, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.
High consumer debt, elevated interest rates and weaker farm income are cutting into retail sales for the Rural Mainstreet Economy, he said, and higher borrowing costs, tighter credit conditions and farm income losses are hurting purchases of farm equipment.
The survey represents an early snapshot of the economy of rural agriculturally- and energy-dependent portions of the nation. The Rural Mainstreet Index is a unique index that covers 10 regional states, focusing on approximately 200 rural communities with an average population of 1,300.
