A monthly index tracking the rural economy in Colorado and nine other states remained in negative territory for an 11th straight month.

The overall reading for the Rural Mainstreet Index fell four-tenths of a point between June and July to 41.7. That’s the lowest level since November and below growth-neutral 50.

The overall reading for Colorado fell 4.4 points, but at 52.3 remained at the highest  level among the 10 states.

Ernie Goss — an economics professor at Creighton University in Omaha, Neb., who compiles the index — attributed the decline in the Rural Mainstreet Index to weak agricultural commodity prices, slower agricultural equipment sales and declining farm exports.

Goss bases the index on the results of monthly surveys of bank executives in rural areas of the 10-state region dependent on the agriculture and energy sectors.

In Colorado, the farm and ranch land price index dropped 6.9 points to 54.6 in July. The new hiring index fell 1.2 points to 53.1.

According to separate information from the International Trade Association, year-to-date exports of agricultural goods and livestock from Colorado in 2024 were up $105.7 million — nearly 200 percent — compared to the same period in 2023.

Across the region, a component of the index tracking confidence fell nine-tenths of a point to 28.3, the lowest level this year. “Weak agricultural commodity prices and farm exports, combined with downturns in farm equipment sales over the past several months continue to constrain banker confidence,” Goss said.

A new hiring component rose 2.3 points to 50.

The home sales component tumbled 29.2 points to 33.3, while the retail sales component fell 2.2 points to 39.1.

The loan volume component fell 11.8 points to 67.4.

The component for farm and ranching land prices rose 2.3 points to 52.2.

The component for farm equipment sales fell 12.8 points to 19, the lowest level in more than seven years.