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

The overall reading for the Rural Mainstreet Index rose 7.8 points. But at 45.8, the latest reading remained below growth-neutral 50.

The overall reading for Colorado rose 5.9 points and at 74.2 was the second highest among the 10 states, behind only Missouri at 75.8.  Overall readings increased in each of the 10 states between March and April.

“Higher interest rates, weaker agriculture commodity prices and higher grain storage costs pushed the overall reading below growth-neutral 50 for the eighth straight month,” said Ernie Goss, an economics professor at Creighton University in Omaha, Neb., who compiles the Rural Mainstreet Index. He bases the index on the results of monthly surveys of bank executives in rural areas of the 10-state region.

In Colorado, the new hiring component of the index rose 4.2 points to 65.2 and the farm and ranch land price component rose a half point to 63.4.

Goss said year-to-date exports of agricultural goods and livestock from Colorado in 2024 were up 99.5 percent from the same period in 2023.

Across the region, a component of the index tracking confidence rose 1.5 points, but at 37.5 reflected pessimistic outlooks about economic growth over the next six months, Goss said.

A new hiring component rose 4.6 points to 56.8 as 13.6 percent of bankers reported an increase in hiring over March levels.

The home component dropped 6.9 points to 34.8 as higher interest rates on mortgages and lower inventories curbed home sales, Goss said. The retail sales component rose 1.7 points to 41.3.

The loan volume component increased 6.2 points to a record high 85.4. Readings for certificates of deposit and other saving instruments fell 1.2 points to 71.7.

The component for farming and ranching land prices  edged up a half point to 56.5.

The component for farm equipment sales jumped 17.3 points, but at 47.7 remained below growth-neutral 50 for the 10th time in the last 11 months.