Bureau of Business Research
Date of this Version
5-2020
Abstract
The Nebraska economy will contract in 2020 but the rate of decline will not be as rapid as nationwide. The economic structure of Nebraska is more focused on production and transportation than the national economy and less focused on hard-hit industries such as hospitality, entertainment, automobile parts and assembly, and oil production. Nebraska also may benefit from a higher quality workforce, which is better able to adapt to changing economic conditions.
Employment will drop by 2.4% in Nebraska in 2020, much less than the national rate of decline. Employment will rebound by 2.0% in 2021 and 1.4% in 2022. With employment loss, there will be a small drop in nonfarm income in 2020, with income growth rebounding in 2021 and 2022. Transfer payments also will support 2020 income. Farm income will drop and then grow slowly.
Included in
Growth and Development Commons, Labor Economics Commons, Macroeconomics Commons, Other Economics Commons, Public Economics Commons, Regional Economics Commons
Comments
Copyright 2020 University of Nebraska, Bureau of Business Research