LINCOLN, NE – Governor Jim Pillen is highlighting findings from a recent report demonstrating the resilience and growth of Nebraska’s economy. Analysis published by the Federal Reserve Bank of Kansas City indicates that Nebraskans’ savings is approximately double the national average.
Nebraska has consistently ranked among states with the highest savings rates in the nation. Strong income growth has contributed to higher savings and greater stability for Nebraska families.
“When we say Nebraska is open for business, this is another indicator of what we have to offer,” said Gov. Pillen. “Nebraska’s economic strength continues to make it the best place in the country to live, work, and raise a family.”
As noted in the report, nationally, households have faced the impact of increased costs and reduced savings over the past several years. Despite inflationary pressures, “strong income growth has positioned Nebraska households to weather the pressures better than many other places.”
In Nebraska, income growth has exceeded the rate of consumption – a trend that has persisted for a number of years, including during the pandemic. Additionally, the report indicates that, “Nebraska's higher savings rates have made down payments more attainable than in the rest of the country, especially for first-time [home] buyers.”