Thursday, December 15th 2016
Agriculture Secretary Tom Vilsack today released the final year-end report of the Obama administration's results creating jobs and investing in rural communities nationwide. USDA Rural Development's 2016 Progress Report provides an overview of activities in 2016 that resulted in record investments in rural America. Vilsack notes in the report that key economic indicators continue to show that rural America is rebounding. Rural unemployment dropped below 6 percent in 2015 for the first time since 2007, and rural poverty rates have fallen, according to data from the Bureau of Labor Statistics. Median household incomes in rural areas increased by 3.4 percent in 2015, and rural populations have stabilized and in some areas are beginning to grow. Rural Development unveiled a Community Facilities Relending Program in 2016 to complement its work in the StrikeForce and Promise Zones initiatives. The agency is partnering with community-based financial organizations, private-sector banks and philanthropic organizations to make more than $400 million available for investments in rural areas that for decades have struggled to overcome persistent poverty. Long-term, low-interest financing provided through the program is expected to unlock rural communities' economic potential.