A survey conducted this June by U.S. Bank finds that 46 percent of small-business owners in Minnesota report lower revenues this year compared with 2007. In addition, 74 percent say they think the economy is in a recession.
For readers who are more familiar with the North Star State than I: Any reason that Minnesota's economy might not be representative? I do not believe it's been hit especially hard by the housing bubble burst. Housing price appreciation was moderate, relatively speaking, in Minnesota leading up to the crash.