Stillwater, Minnesota, often celebrated for its picturesque riverfront and historic downtown, is also a hub of economic activity that seamlessly blends tradition with innovation. This unique combination has fostered a resilient and diverse local economy.
Economic Overview
With a population of approximately 19,355 residents, Stillwater boasts a median household income of $105,853. The city’s economy employs around 10,200 individuals, reflecting a 2.93% growth from the previous year. This upward trend underscores the city’s economic vitality and its appeal to both businesses and job seekers.
Key Industries
Several industries serve as the backbone of Stillwater’s economy:
- Healthcare and Social Assistance: Employing approximately 1,557 individuals, this sector is the largest employer in the city, offering a range of medical and support services to the community.
- Retail Trade: With around 1,278 employees, retail businesses, from boutique shops to larger stores, contribute significantly to the local economy.
- Professional, Scientific, and Technical Services: This sector employs about 1,053 people, highlighting the city’s growing emphasis on specialized professional services.
Support for Local Businesses
The City of Stillwater, in collaboration with the Greater Stillwater Chamber of Commerce, actively supports local businesses through various initiatives. For instance, during downtown construction in 2023, the community organized a dance party inspired by a 1901 street dance photo. This event not only celebrated the city’s history but also drew residents and visitors downtown, mitigating potential business disruptions.
Additionally, the city hosts events like the World Snow Celebration, which attracts over 50,000 visitors. Such events provide a significant boost to local businesses, especially during the typically slower winter months.
Financial Resources and Development
To further stimulate economic growth, Stillwater offers various financial resources and development programs. These include Tax Increment Financing (TIF), tax abatement, and grants aimed at supporting business expansion and infrastructure improvements. The city’s partnership with the Washington County Community Development Agency provides additional resources for site selection and business development.
Looking Ahead
Stillwater’s commitment to preserving its historic charm while embracing modern economic strategies positions it as a dynamic and attractive place for businesses and residents alike. The city’s proactive approach to economic development ensures a promising future, balancing growth with community values.