Nebraska’s economy is expected to continue to grow | News from local businesses

“Workforce growth will be modest in the coming years, given limited international migration and an aging population,” said Thompson. “Industries such as wholesale and retail will need to save on labor, which will be attracted to faster growing or higher wage industries.”

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Nebraska, which in October set the record for the lowest unemployment rate on record in the United States at 1.9%, is already facing labor shortages in many industries, and it is unclear. not whether that will improve anytime soon.

The outlook is also positive for the agricultural sector in Nebraska. Farm income is expected to hit an all-time high of $ 8.1 billion in Nebraska this year, thanks to high crop prices and generous government payments.

Income will decline in 2022, as payments decline and prices moderate, but it is expected to remain at historically high levels of $ 5.8 billion in 2022 and 2023, and $ 6.0 billion in 2024. Importantly, much of this high farm income will come from earned income. rather than government payments.

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Non-farm income growth will slow to 0.3% in Nebraska in 2022, as government stimulus payments are withdrawn. Income growth will then reach 3.6% in 2023 and 3.1% in 2024 as inflation begins to normalize.

“Unspent stimulus funds are expected to help Nebraska households increase spending in 2022 despite weak income growth,” Thompson said.