Stillwater, Minnesota, nestled along the scenic St. Croix River, is a community that seamlessly blends historical charm with modern economic vitality. This article delves into the city’s economic landscape, highlighting key industries, workforce dynamics, and collaborative efforts that contribute to its growth.
Key Industries and Employment
Stillwater’s economy is diverse, with several sectors playing pivotal roles:
- Health Care and Social Assistance: Employing approximately 1,557 residents, this sector stands as the largest employer in the city.
- Retail Trade: With around 1,278 individuals employed, retail remains a significant contributor to the local economy.
- Professional, Scientific, and Technical Services: This sector employs about 1,053 residents, reflecting the city’s growing emphasis on specialized professional services.
Notably, the finance and insurance industry offers the highest average salaries, with professionals earning approximately $99,167 annually. This is closely followed by the professional, scientific, and technical services sector, where average earnings are around $94,293 per year.
Workforce and Demographics
Stillwater boasts a highly educated workforce, with over 50% of residents holding a bachelor’s degree or higher. The median household income is approximately $105,853, surpassing both state and national averages. The city’s population is around 19,377, with a median age of 42.5 years, indicating a mature and experienced workforce.
Collaborative Economic Development
The city’s commitment to economic development is evident through the establishment of the Stillwater Economic Development Authority (EDA) in 2021. The EDA aims to expand tools for economic analysis, facilitate site assembly, and pursue public financing for development projects. This initiative underscores the collaborative efforts between the city, local businesses, and the Greater Stillwater Chamber of Commerce to foster a thriving business environment.
For instance, during a two-block Main Street closure for construction in 2023, local businesses organized a dance party inspired by a 1901 street dance photo. This event not only celebrated the community’s resilience but also attracted visitors, mitigating potential economic downturns during the construction period.
Looking Ahead
Stillwater’s economic landscape reflects a community that values collaboration, education, and strategic development. With a diverse industrial base, a well-educated workforce, and proactive economic initiatives, the city is well-positioned for sustained growth and prosperity.
For more information on economic development initiatives and resources in Stillwater, residents and business owners are encouraged to contact the Community Development Department.