Ongoing drought conditions continued to stunt economic growth this month in Midwestern rural areas, a new survey found, and they're taking a toll on banker confidence.

The monthly Rural Mainstreet Index - based on responses from about 200 bankers in non-urban parts of 10 states - declined for the third consecutive month to 47.1 on a 100-point scale. Numbers below 50 indicate decline, and that's the lowest it's been since April 2009.

"The drought is dampening economic activity across the region," said Creighton University economist Ernie Goss, who created the monthly survey along with Greeley, Neb., banker Bill McQuillan, to provide a timely analysis of the rural economy.

Companies with close ties to the farm, such as ethanol and agriculture equipment sellers, are pulling back on growth, said Goss. He expects the hit to come later in the year for food processors, as higher food prices work their way through the system.

While the last several monthly surveys indicate a significant weakening of farmland price growth, researchers note that areas with irrigation or outside the drought continued to report solid growth.