The latest Creighton University Rural Mainstreet survey shows nearly 63 percent of rural bank CEOs in Minnesota and nine other Midwest states believe the rural economy is either in a recession now or will sink into recession next year. Creighton University Economist Ernie Goss directs the survey and calculates a monthly economic index for the region. Goss says it has fallen to its lowest level since May of 2020.

Over 18 percent of the rural bankers who responded to the survey expect farmers in their area to wind up earning less than they spent raising crops and livestock this year.

Studies have shown that about 58 percent of these bank CEOs in rural Minnesota expect farmland prices to fall next year.