Stillwater, Minnesota, renowned for its picturesque setting along the St. Croix River, is experiencing notable economic growth. This article provides an overview of the city’s economic development, focusing on key industries, employment trends, and community initiatives.
Key Industries Driving Growth
Several industries are central to Stillwater’s economic vitality:
- Healthcare and Social Assistance: Employing approximately 1,557 individuals, this sector is the largest in the city, offering a range of medical and support services to the community.
- Retail Trade: With around 1,278 employees, retail businesses contribute significantly to the local economy, catering to both residents and visitors.
- Professional, Scientific, and Technical Services: This sector employs about 1,053 people, reflecting the city’s growing emphasis on specialized professional services.
Employment Trends
Employment in Stillwater has been on an upward trajectory. From 2023 to 2024, the workforce grew by 2.93%, increasing from 9,870 to 10,200 employees. The most common occupations include management roles, office and administrative support, and sales positions, indicating a diverse job market.
Community Initiatives and Support
The city actively supports local businesses through various initiatives. The Stillwater Economic Development Authority (EDA), established in 2021, aims to enhance economic development tools, facilitate site assembly, and pursue public financing for development projects. Additionally, the city collaborates with organizations like the Washington County Community Development Agency to provide resources such as site selection assistance and financial programs, including Tax Increment Financing and the Minnesota Investment Fund.
These concerted efforts underscore Stillwater’s commitment to fostering a thriving economic environment, balancing its historic charm with modern growth and development.