Stillwater, Minnesota, renowned for its historic charm along the St. Croix River, is experiencing a dynamic economic evolution. This transformation is characterized by a harmonious blend of preserving its rich heritage while embracing modern development.
Population and Workforce Dynamics
With a population of approximately 19,361 residents, Stillwater boasts a highly educated workforce. Over 50% of the population holds a bachelor’s degree or higher, contributing to a median household income of $105,853. The median age of 42.5 years reflects a mature and experienced community, fostering a stable economic environment.
Diverse Economic Sectors
Stillwater’s economy is supported by a variety of industries:
- Tourism and Hospitality: The city’s historic downtown, with its 19th-century architecture and scenic river views, attracts visitors year-round. This sector accounts for a significant portion of local business activity, with boutique shops, diverse dining options, and events along the St. Croix River driving economic vitality.
- Healthcare: The presence of medical facilities and services provides numerous employment opportunities, contributing to the city’s economic stability.
- Manufacturing: A range of manufacturing businesses operate within the city, offering jobs and supporting the local economy.
- Education: Educational institutions in and around Stillwater play a crucial role in employment and community development.
Community Development Initiatives
The City of Stillwater actively supports local businesses through various programs and partnerships. Collaborations with the Washington County Community Development Agency (CDA) assist businesses with site selection and provide financial resources such as Tax Increment Financing (TIF) and the Minnesota Investment Fund.
In February 2026, Jason Zimmerman was appointed as the new Community Development Director. He is leading efforts to update the Comprehensive Plan, aiming to guide the city’s growth over the next two decades. Projects include developing the Manning Avenue corridor to enhance local access to goods and services and improving riverfront amenities like the 15-acre Lumberjack Landing park.
Real Estate and Housing Market
Stillwater’s real estate market reflects its desirability. The median home value is $486,969, with an average home value of $538,102. The city comprises 7,885 households, with a mix of owner-occupied and rental properties, catering to diverse housing needs.
Looking Ahead
Stillwater’s economic landscape is a testament to the city’s ability to honor its historical roots while embracing progress. Through strategic planning, community engagement, and support for diverse industries, Stillwater continues to thrive as a vibrant and resilient community.