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Recession catches rural America

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  • Maria Akers
  • Jason Henderson

Abstract

As the recession intensified in 2008, rural economies held firm. Through the first half of the year, strong commodity prices supported robust farm incomes and contributed to relatively stronger gains on Main Street. Moreover, the housing correction was less intense than in urban areas, and the financial crisis was less severe than on Wall Street. ; While these factors shielded the rural economy from the worst of the recession, rural America was not immune. The foundations of rural economic strength in 2008--high commodity prices, robust export activity, and rising ethanol demand--were crumbling. Consequently, the booming farm economy began to slow, and, following national trends, the nonfarm economy continued to falter. ; Henderson and Akers review the state of the rural economy and explore how the recession could affect the rural economy in 2009. They suggest that a rural rebound will rest on whether the fiscal and monetary stimulus packages spark demand for rural goods and services.

Suggested Citation

  • Maria Akers & Jason Henderson, 2009. "Recession catches rural America," Economic Review, Federal Reserve Bank of Kansas City, vol. 94(Q I), pages 65-87.
    • Handle: RePEc:fip:fedker:y:2009:i:qi:p:65-87:n:v.94no.1
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    File URL: https://www.kansascityfed.org/documents/1640/2009-Recession%20Catches%20Rural%20America.pdf
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    References listed on IDEAS

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    1. Kelly D. Edmiston & Roger Zalneraitis, 2007. "Rising foreclosures in the United States: a perfect storm," Economic Review, Federal Reserve Bank of Kansas City, vol. 92(Q IV), pages 115-145.
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    Cited by:

    1. Dan S. Rickman & Mouhcine Guettabi, 2015. "The Great Recession And Nonmetropolitan America," Journal of Regional Science, Wiley Blackwell, vol. 55(1), pages 93-112, January.
    2. Marre, Alexander W., 2014. "Rural and Urban Differences in Household Wealth Accumulation: What Role Do Demographics, Wages and Property Values Play?," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170473, Agricultural and Applied Economics Association.
    3. Jason Henderson, 2010. "Will the rural economy rebound in 2010?," Economic Review, Federal Reserve Bank of Kansas City, vol. 95(Q I), pages 95-119.
    4. Weber, Jeremy G. & Wall, Conor & Brown, Jason P. & Hertz, Tom, 2013. "Crop Prices, Agricultural Revenues, and the Local Economy of the U.S. Heartland," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150404, Agricultural and Applied Economics Association.
    5. Hertz, Thomas & Kusmin, Lorin & Marré, Alexander & Parker, Timothy, 2014. "Rural Employment Trends in Recession and Recovery," Economic Research Report 262212, United States Department of Agriculture, Economic Research Service.

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