OMAHA, Neb.—A business group says Nebraska’s strong farm sector will help the state evade recession and outperform the nation’s economy.
The Nebraska Business Forecast Council says Nebraska farm income will rise 24.7 percent this year, hitting a record of $4.5 billion in 2008.
The council expects farm income to retreat modestly in 2009 and 2010, while still remaining at or above $4 billion both years.
For 2008, the council predicts non-farm employment growth will be weak at 1.2 percent but expects it to recover slightly to 1.5 percent next year.
Nonfarm personal income is estimated to grow steadily through 2010.
U.S. agriculture exports are projected to rise another 25 percent in 2008, thanks to rising world demand and the decline of the U.S. dollar. That should help Nebraska’s farm sector stay strong and balance out the overall Nebraska economy.
The Nebraska Business Forecast Council includes 11 economists and professionals from utilities, chambers of commerce and educational institutions. Their report appears in Business in Nebraska, a compilation of research published by the Bureau of Business Research at the University of Nebraska-Lincoln.
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