Stillwater, Minnesota, renowned for its picturesque riverfront and historic charm, boasts a dynamic economy that seamlessly blends tradition with innovation. This unique combination has fostered a resilient and diverse business environment.
Tourism and Hospitality: The Heartbeat of Stillwater
The city’s historic downtown, with its 19th-century architecture and scenic views of the St. Croix River, serves as a magnet for tourists. This influx fuels a robust tourism and hospitality sector, accounting for approximately 30% of local business activity. The area is dotted with boutique shops, diverse dining establishments, and hosts numerous events that draw visitors year-round.
Healthcare: A Pillar of Employment
Beyond its appeal to visitors, Stillwater is home to a growing healthcare sector. Medical and administrative roles are on the rise, offering residents stable, well-paying career opportunities without the need to commute to larger metropolitan areas.
Manufacturing and Technology: Embracing the Future
Transitioning from its historic lumber town roots, Stillwater has embraced modern manufacturing and technology industries. Local facilities are increasingly focusing on biomedical advancements and innovative consumer products, contributing to the city’s economic diversification.
Community Development: Planning for Sustainable Growth
In February 2026, the city welcomed Jason Zimmerman as the new Community Development Director. Zimmerman is spearheading the Comprehensive Plan, aiming to shape Stillwater’s development efforts for the next two decades. This plan emphasizes sustainable growth, community engagement, and the preservation of the city’s unique character.
Economic Indicators: A Snapshot
As of 2024, Stillwater’s population stands at approximately 19,355 residents. The median household income is $105,853, with a per capita income of $57,943. The city’s economy is supported by 870 employer firms, reflecting a healthy business environment.
Looking Ahead
Stillwater’s economic landscape is a testament to the city’s ability to honor its rich history while embracing modern industries and sustainable development. This balance ensures a vibrant community and a promising future for residents and businesses alike.