Stillwater, Minnesota, nestled along the scenic St. Croix River, is a community that seamlessly blends historic charm with modern economic vitality. With a population of approximately 19,361 residents, Stillwater offers a robust and diverse economic landscape that continues to evolve and thrive.
Key Industries Driving Growth
The local economy is supported by several key industries:
- Healthcare and Social Assistance: Employing over 1,500 individuals, this sector stands as the largest employer in the area, offering a range of medical and support services to the community.
- Retail Trade: With approximately 1,278 employees, the retail sector benefits from both local patronage and tourism, contributing significantly to the city’s economic health.
- Professional, Scientific, and Technical Services: This industry employs around 1,053 people, reflecting a growing demand for specialized services and expertise within the community.
Employment and Income Trends
Employment in Stillwater has seen a positive trajectory, with a 2.93% growth rate from 2023 to 2024, increasing from 9,870 to 10,200 employees. The median household income stands at $105,853, indicating a prosperous community with a strong economic foundation.
Support for Local Businesses
The City of Stillwater, in collaboration with the Greater Stillwater Chamber of Commerce, actively supports local businesses through various initiatives. These efforts include facilitating site selection, providing financial resources, and fostering a business-friendly environment. Programs such as Tax Increment Financing (TIF) and partnerships with organizations like the Washington County Community Development Agency offer financial assistance to viable projects with unique economic development needs.
Community Initiatives and Future Outlook
In 2021, the Stillwater City Council established the Stillwater Economic Development Authority (EDA) to enhance economic development tools and collaborate more effectively with the local business community. This initiative aims to study and analyze economic development needs, carry out site assembly, and pursue public financing of development projects.
Looking ahead, Stillwater’s commitment to supporting local businesses, coupled with its diverse economic base and strategic initiatives, positions the community for continued growth and prosperity. Residents and visitors alike can look forward to a vibrant economic environment that honors the city’s rich history while embracing future opportunities.