Board members used the Oct. 31, 2025 meeting to report local economic conditions and how they affect state forecasting. Multiple members said construction activity remains elevated in several regions, but that high input costs, land prices and infrastructure expenses have made some developers cautious.

“One of the big drivers is data centers,” a member said in discussion of local planning and energy needs. Members noted large data-center projects in the Omaha–Lincoln region and pointed to the use-tax and refund timing those projects create. One speaker observed that the Omaha–Lincoln area ranks among the top U.S. metro areas for data-center concentration and that the initial buildout creates sizable, lumpy construction activity followed by a smaller set of ongoing operating jobs.

Several members described mixed signals in labor markets. Construction contractors reported low openings compared with previous peaks in some categories but said pipeline activity suggests more work in late 2026 and 2027. A member reporting from Kearney said enrollment at the University of Nebraska at Kearney was down about 3 percent overall with international enrollments down significantly, while health-care training programs were increasing and expected to help fill gaps.

Board members raised tariff and commodity concerns: recent tariffs were discussed as a factor behind some price increases and volatility for building materials and inputs (lumber, copper), but members also said the pass-through to consumer prices has been slower than initially feared. Several members described the current data environment as noisy — large one-time payments, refunds and project timing make near-term readings hard to interpret, even when longer-term fundamentals appear stable.

Members asked staff to continue distinguishing between one-time timing events (project payments and refunds) and durable structural changes in the Nebraska economy, a distinction staff said it would preserve in future forecasts and updates.