Stillwater, Minnesota, renowned for its historic charm and scenic beauty along the St. Croix River, is also a hub of economic activity. The city’s blend of traditional industries and modern development initiatives contributes to a dynamic local economy.
Thriving Local Businesses
Downtown Stillwater is a testament to the city’s vibrant business community. The area boasts a diverse array of retail shops, restaurants, and collaborative spaces, reflecting a concerted effort by the City of Stillwater, the Chamber of Commerce, and local entrepreneurs to foster a thriving commercial environment. This collaboration has resulted in a bustling downtown that attracts both residents and visitors year-round.
Economic Development Initiatives
To further support economic growth, the Stillwater City Council established the Stillwater Economic Development Authority (EDA). The EDA focuses on expanding tools for economic analysis, site assembly, and public financing of development projects. This proactive approach aims to enhance the city’s economic landscape and provide resources for local businesses.
Housing Market Trends
The housing market in Stillwater reflects the city’s economic vitality. As of June 2026, the median listing price for homes was $632,450, marking a 9.08% increase year-over-year. The median rent stood at $2,575 per month, indicating strong demand in both buying and renting markets. These trends suggest a balanced market with opportunities for buyers, sellers, and renters alike.
Job Market and Major Industries
Stillwater’s job market is supported by a diverse mix of industries, including healthcare, tourism, manufacturing, and education. The tourism and hospitality sector accounts for approximately 30% of local business activity, driven by the city’s historic downtown and riverfront attractions. Healthcare roles are also on the rise, offering stable career paths within the community.
Looking Ahead
With the appointment of Jason Zimmerman as the new Community Development Director, Stillwater is poised to continue its trajectory of meaningful growth. Zimmerman is actively working on the Comprehensive Plan that will shape the city’s development efforts for the next two decades, ensuring that Stillwater remains a vibrant and economically robust community.
In summary, Stillwater’s economic landscape is characterized by a harmonious blend of historical preservation and forward-thinking development, making it an attractive destination for residents, businesses, and visitors alike.