The Bureau of Business Research at the University of Nebraska-Lincoln has seen the leading economic indicator grow for two months in a row.
Director Eric Thompson says it is broad-based growth.
“It’s in things like construction and manufacturing, especially manufacturing that isn’t closely tied to agriculture, but it’s also in our services,” Thompson tells Nebraska Radio Network.
Agriculture had been spurring state economic growth the past couple of years, but has hit a plateau. Other sectors, primarily in the Omaha and Lincoln metropolitan areas, have taken up the slack and now carry the state economy.
Thompson says growth has been spread throughout the economic sectors with insurance, banking, health care, even retail joining construction and manufacturing as showing promise as we move from winter into spring and summer.
Thompson says the bureau’s survey of 500 businesses indicates most expect sales to grow this year with job growth following.
Nebraska remains in a better economic condition than the nation as a whole.
“Our economy is in a stronger place in a sense that the recession, while it was difficult in Nebraska, was not as steep as you saw in many other parts of the country,” according to Thompson. “So, I think we’ve fully recovered from the recession.”
According to the Bureau of Business Research, business expectations and initial claims for unemployment insurance showed solid improvement. Building construction permits rose slightly.
The full Nebraska Monthly Economic Indicators report and a Technical Report describing the indicators are available at the Bureau of Business Research website, you can go to it by clicking here.
AUDIO: Brent Martin reports [:45]