Business bankruptcy filings increased in district states and the
nation for the 12-month period ended March 31, 2002, during a time
in which the district and national economies softened. Business
bankruptcies in Minnesota climbed 17.1 percent, higher than the
national average of 10.7 percent. The remaining district states
rose at a slower rate than the nation, ranging from an increase
of 5 percent to 9 percent.
These increases followed a period when business bankruptcy filings
had declined both in the district and the nation. Between 1998 and
2001 business bankruptcy filings in district states ranged from
an average annual decrease of 8.7 percent in South Dakota to a 16.7
percent drop in Montana. Meanwhile, the nation and Minnesota declined
by about 12 percent at an annual rate during the same period.
Minnesota had the largest number of business bankruptcy filings
among district states at 1,888; North Dakota had the lowest at 109.
Source: Administrative Office of the U.S.