A resurgent rural economy spurs farmland values

The rural economy broke free from the reins of recession in 2004 with an especially strong performance in the farm sector. Net farm income easily surpassed the record high of 2003. And the weakness that plagued the nonfarm rural economy in recent years appears to have been replaced with stronger job...

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Bibliographic Details
Published in:Economic review (Kansas City) 2005-01, Vol.90 (1), p.59-82
Main Authors: Henderson, Jason, Novack, Nancy
Format: Article
Language:English
Subjects:
Agricultural economics
Agricultural production
Agriculture
Beef
Bovine spongiform encephalopathy
Cattle
Cattle industry
Corn
Crop diseases
Crops
Economic aspects
Economic conditions
Exports
Farm income
Farms
International trade
Land values
Livestock
Milk
Poultry
Prices
Rural areas
Rural conditions
Soybeans
Statistical data
United States
Wheat
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Summary:The rural economy broke free from the reins of recession in 2004 with an especially strong performance in the farm sector. Net farm income easily surpassed the record high of 2003. And the weakness that plagued the nonfarm rural economy in recent years appears to have been replaced with stronger job growth and higher incomes. Strong performances in the farm and nonfarm sectors have led to soaring land values. Rising incomes are often capitalized into asset values, and the past year was no exception. Rising rural incomes quickly led to strong land value gains. Since real estate is rural America's most important asset, strong land values are often viewed as an indicator of a healthy rural economy. The performance of the rural economy in 2004 is reviewed and prospects for 2005 are discussed.
ISSN:0161-2387
2163-422X