Good News for Economic Recovery in Rural Areas

DENVER, CO – Over the past two decades, the U.S. rural economy has trailed the urban economy in just about every measurable category, including gross domestic product (GDP) and employment but that trend may be changing.

According to a new report from CoBank’s Knowledge Exchange Division, as more urban areas were completely shut down due to COVID-19 mandates, shutdowns in many rural areas were shorter and the economic drag less dire.

According to The Daily Yonder, urban jobs declined by 14 percent compared to 9 percent in rural areas. Rural counties not adjacent to urban areas fared better, with only an 8 percent decline.

While the coronavirus pandemic has dealt an economically devastating hand to nearly the whole country, the economic recovery may now favor rural communities for the first time in many years.
(SOURCE: CoBank Knowledge Exchange)