The rural mainstreet index fell below growth neutral for a third straight month to a 40.4 reading in November, its lowest mark since 2020 and a four-point dip from October’s 44.4.

“This is the weakest recorded reading in more than three years, or since June 2020, shortly after the beginning of the pandemic, and points to weaker farm and non-farm economies,” Ernie Goss, Creighton University’s chair in regional economics, said in a prepared statement.

After improving slightly from 41.4 in September to 43.5 in October, Iowa’s rural mainstreet index slumped to 32.4 in November.

The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.  

Iowa’s farmland price index, however, soared from 45.9 in October to 62.0 in November, while its new hiring index for November improved to 45.1 from 44.2 in October. The export of agricultural products from the state declined from $1.7 billion for the first nine months of 2022 to $1.2 billion for the same period in 2023, according to the International Trade Administration.

The business confidence index for the 10-state region sank from 24.1 in October to 21.2, its lowest level since the start of the survey in 2006.

“This month’s reading is the most negative outlook recorded since Creighton began the monthly survey in January 2006,” Goss said.

In other regional findings from the report:

• The farmland price index climbed to 66.7 from October’s 55.6. “Creighton’s survey continues to point to solid, but slowing, growth in farmland prices as farm commodity prices weakened,” Goss said.
• The farm equipment sales index improved slightly to 49.5 from last month’s 48.0.
• The November loan volume index dropped to 57.9 from October’s 77.7, and from a reading of 65.8 in November 2022; the checking deposit index soared to 56.0 from 26.9; and the index for certificates of deposits and other savings instruments declined to 58.0 from 59.6.  
• The new hiring index for November slipped to 49.1 from October’s 49.2. “Approximately 88.5% of bankers reported that job openings in their local economy exceeded the available workers,” Goss said.
• The home sales index dropped to 32.0 from 40.4 in October.
• The retail sales index slumped to 44.4 in November from 46.3 in October.