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October 23, 2020

7/28/2014 4:34:00 PM
Economy needs to remain diverse, RAEDI leader says


Economic growth in southeastern Minnesota in the years to come should hinge on more than just the Mayo Clinic's Destination Medical Center (DMC) initiative, Gary Smith told the Stewartville City Council last week.
Smith, the president of Rochester Area Economic Development, Inc., (RAEDI) said that southeastern Minnesota's current economy is 40 percent dependent on the Mayo Clinic.
Smith wants to make sure that the area won't become even more dependent on Mayo even if the DMC initiative creates the 25,000 to 30,000 new jobs that leaders expect it will within 20 years.
"At the end of that 20 years of (the DMC) plan, we don't want to see ourselves 60 percent dependent on Mayo," Smith said.
That's why RAEDI leaders are working on the organization's Journey to Growth plan, an effort to ensure that southeastern Minnesota's economy remains diversified by focusing on five target sectors, including:
" advanced health care.
" computer systems design and production.
" food manufacturing and processing.
" tourism.
" transportation equipment.
"These are the sectors we need to focus...
For more on this story pick up your copy of the July 29 Stewartville STAR.

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