Stillwater, Minnesota, nestled along the scenic St. Croix River, is experiencing a period of economic vitality. This growth is driven by a diverse range of industries, a robust job market, and proactive community initiatives.
Key Industries Fueling Growth
The city’s economy is supported by several major sectors:
- Healthcare and Social Assistance: Employing approximately 1,557 residents, this sector is the largest in Stillwater, offering a variety of medical and support services.
- 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 individuals, 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.
Community Initiatives and Development
The city actively supports local businesses and economic development through various initiatives:
- Economic Development Authority (EDA): Established in 2021, the EDA aims to enhance economic development tools, facilitate site assembly, and pursue public financing for development projects.
- Business Resources: Stillwater offers a range of resources, including tax increment financing, tax abatement, and access to programs like the Minnesota Investment Fund and the Job Creation Fund, to support business growth and sustainability.
Housing Market Insights
The housing market in Stillwater reflects the city’s economic health. As of April 2026, the median listing price for homes is approximately $449,950, with 116 homes available for sale. The median rent stands at $2,550 per month, indicating a stable rental market.
Looking Ahead
With its diverse economic base, supportive community initiatives, and strategic location near the Twin Cities, Stillwater is well-positioned for continued growth and prosperity. The city’s commitment to fostering a vibrant business environment ensures that it remains an attractive place for both residents and entrepreneurs.