Nebraska had its share of residential and farm foreclosures, but the state avoided the worst of the real estate crisis which hit majority of other U.S. states. Partly because of its relatively strong real estate market, economists are projecting that the region's economy will steadily grow this year and will pick up the pace by 2012.
The number of foreclosed homes in Omaha and in the rest of the state has been some of the lowest in the whole country. This probably was a factor for economists' optimistic outlook for the state's economy. According to the Nebraska Business Forecast Council, the region will experience employment increases and personal income improvements in 2011, and growth will be even better by the time 2012 comes along.
With foreclosed homes in Nebraska not much of a problem, economists predict that the per capita income of the region will perform even better than the national average in the next two years. The economic expansion is expected to be buoyed by a massive rise in farm-related income and developments in several other industries. Last year, farm income in Nebraska reached a record high of $4.25 billion.
For 2011, with very little farm foreclosures, the state is projected to maintain the same farm income level, and there have been forecasts that it will grow by another 5.9% to reach $4.5 billion by the end of this year. The positive outlook for the agricultural sector was reportedly based on increased income in developing nations, the decline of the dollar and farm production shortfalls in various parts of the world.
The state did have some foreclosed property issues, but not as much as in other regions. Its real estate market, along with other financial services segments, is expected to achieve an employment growth ranging from 1.5 to 2.5% between 2011 and 2012. The manufacturing industry is also predicted to perform strongly during the year and up to next year.
The predicted growth in manufacturing is expected to be supported by strong farming incomes and the fact that there have not been much farm foreclosures in the state like other agriculture-focused regions. The services sector, which accounts for almost 40% of Nebraska's employment, is also predicted to achieve employment growth.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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