Rural Economic Features and Performance—A Seventh District Overview
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Rural Economic Features and Performance—A Seventh District Overview. Federal Reserve Bank of Chicago October 26, 2011. Roadmap. Performance Population Income Unemployment Economic Structure Agriculture Manufacturing Retirement/recreation Education Challenges and Opportunities.

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Rural Economic Features and Performance—A Seventh District Overview

Federal Reserve Bank of Chicago

October 26, 2011


Roadmap
Roadmap Overview

  • Performance

    • Population

    • Income

    • Unemployment

  • Economic Structure

    • Agriculture

    • Manufacturing

    • Retirement/recreation

    • Education

  • Challenges and Opportunities


Population
Population Overview




Population growth varies much across counties
Population growth varies much across counties Overview

Source: ERS “Atlas of Rural and Small-town America.”


OverviewRuralness” varies greatly; being adjacent to highways and metro areas has mattered to growth (historically)

Source: ERS, “Atlas of Rural and Small-town America”





Income
Income Overview



Economic conditions vary
Economic conditions vary same spread since 1969

Persistent poverty 1970-2000

Source: ERS, “Atlas”





Unemployment
Unemployment recent gains


Economic conditions vary1
Economic conditions vary recent gains

Unemployment 2010

Source: ERS, “Atlas”





Roadmap1
Roadmap higher in Indiana

  • Performance

    • Population

    • Income

    • Unemployment

  • Economic Structure

    • Agriculture

    • Manufacturing

    • Retirement/recreation

    • Education

  • Challenges and Opportunities


Agriculture
Agriculture higher in Indiana


Farm productivity
Farm productivity higher in Indiana


7th district crop yield indexes 1964 100
7th District Crop Yield Indexes higher in Indiana(1964=100)

Corn

Soybeans


Real crop prices
Real Crop Prices higher in Indiana




Indiana and illinois
Indiana and Illinois District states


Iowa and michigan
Iowa and Michigan District states


Farm Operator Income—Over time, as farms have dwindled and consolidated, proprietors’ income has grown, and non-farm income has become increasingly important


Many small farms subsist on non-farm income—either with one or more working non-farm jobs, or “hobby farms”


Only large farms and very small farms are growing most farmland accounted for by very large farms
Only large farms and very small farms are growing; one or more working non-farm jobs, or “hobby farms”Most farmland accounted for by very large farms

Source: ERS


Manufacturing
Manufacturing one or more working non-farm jobs, or “hobby farms”


Farm dependent counties 20 percent of more of income mfg dependent counties 30 percent or more
Farm dependent counties (20 Percent of more of income); Mfg dependent counties (30 percent or more)


Wisconsin non metros have fared well in mfg and value added mfg in food processing
Wisconsin dependent counties (30 percent or more) non-metros have fared “well” in mfg. And value-added mfg. in food processing:


Manufacturing share of jobs 1969 non metro counties
Manufacturing Share of Jobs, 1969; Non-metro counties dependent counties (30 percent or more)


Manufacturing share of jobs 2009 non metro counties
Manufacturing Share of Jobs, 2009; Non-metro counties dependent counties (30 percent or more)


Still manufacturing jobs shrink in relative importance so rural areas remain challenged
Still, manufacturing jobs shrink in relative importance…..so rural areas remain challenged




Illinois rural manufacturing has performed especially poorly losing one half since 1969
Illinois rural manufacturing has performed especially poorly, losing one-half since 1969






Nonetheless, few non-metro counties exceed their own statewide average in attainment.Share with Some College Education,Non-metro Counties


Retirement recreation
Retirement/Recreation statewide average in attainment.


Population growth by amenities
Population Growth by Amenities statewide average in attainment.


Recreation retirement counties
Recreation/retirement counties statewide average in attainment.


Govt retirement
Govt/retirement statewide average in attainment.


Population growth varies much across counties1
Population growth varies much across counties statewide average in attainment.

Source: ERS “Atlas of Rural and Small-town America.”


Where do walworth county s vacationers come in from

Where do Walworth County’s vacationers come in from? statewide average in attainment.

Source: Kenneth Johnson.


At end find your own roadmap hopefully the conversations at this conference will help
At end: Find your own roadmap, hopefully, the conversations at this conference will help

  • Performance

    • Population

    • Income

    • Unemployment

  • Economic Structure

    • Agriculture

    • Manufacturing

    • Retirement/recreation

    • Education

  • Challenges and Opportunities

    • Health Care

    • Immigration

    • Financial network/venture capital

    • Infrastructure

    • Housing

    • Attracting and retaining workers

    • Research and wise policy


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