2011 Farm Profits Set A Nebraska Record

By: Bonney Bowman Email
By: Bonney Bowman Email

The Nebraska agricultural sector is looking at record setting profits for 2011.

A new report by the Nebraska Business Forecast Council predicts agricultural income to reach almost 5.5 billion dollars this year.

That's the most agricultural income Nebraska has ever seen.

Experts say the record farm income is the result of a good crop and livestock season and long-term changes in the ag production sector.

They also expect fairly broad job growth in other sectors, including manufacturing, transportation and the service industries.

But some sectors will continue to struggle, including construction, financial services and government employment.

Overall, however, they say the husker state is fairing better than the country as a whole.

Some economic forecasters say the national economy could still slip into another recession.

But they say it's more likely both the US and Nebraska economies will improve at a slow pace.

Experts predict Nebraska's total income growth will be strong in 2011, with moderate growth in 2012 and 2013.

Even better news, they say the record ag profits are most likely the new normal for farmers across the state.

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