The Federal Bureau of Economic Analysis ranks Nebraska as having the worst economy in the country during the three months of the year. Nebraska’s economy declined by four percent. Creighton University Economist Ernie Goss says there are a few things that can turn this around.
Goss says, “We need to see higher agriculture commodity prices, about as much as a 25% increase so it will be a lot to do with what goes on in the global economy. We need to see a cheaper value of the dollar. We need to stop some of these trade restrictions. Japan recently announced they were going to put a tariff on imported U.S frozen beef.” Goss says that tariff likely resulted from the U.S. pulling out of the Trans Pacific Partnership. He says that will also impact beef trade from Kansas and Texas, the top three beef producing states.
Right now, there is a “tale of two economies” going on in Nebraska right now. Goss says the urban sector is doing quite well with manufacturing topping the list. The rural areas are suffering and that likely will continue as drought plagues parts of the state.