Rochester Minnesota Market Summary

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Rochester Minnesota Market Summary Rochester Minnesota Market Summary #1 BEST PLACE TO LIVE Destination in the United States 2016 Medical Center Livability.com Rochester is its own special place. It spawned the world-renowned Mayo #1 STATE for DOING BUSINESS Clinic, home to those leading the way in health and wellness. It’s the place people go to get better. Where developers come to take advantage of dramatic growth. TOP 10 BEST STATES Where entrepreneurs come to find their for Business and Careers place and discover the next big thing. And Forbes Destination Medical Center puts you in the middle of it all. Discovery Square, Heart of the City, bike trails, parks, restaurants. Mayo Clinic Ranked as It’s all here and only getting better. Here, you aren’t stuck in the hustle and bustle of BEST HOSPITAL Boston. You aren’t trapped on the freeways 2014-15 U.S. News & World Report of L.A. You’re in the middle of everywhere and part of something big. TOP 10 BEST Affordable Places to Live Livability.com One of the 10 Easiest Cities to Find a Job ZipRecruiter #1 Best City for Women in the Workforce 2016 Nerd Wallet Community Profile DEMOGRAPHICS NUMBER OF HOUSING UNITS $1,444 AGE Median MONTHLY 7% UNDER 5 61,766 OWNER COSTS, with a mortgage 25% 6-18 54% 20-64 14% 65 AND OVER $67,089 2.5 ROCHESTER MEDIAN HOUSEHOLD INCOME AVERAGE HOUSEHOLD RACE/ETHNICITY SIZE $53,657 US MEDIAN HOUSEHOLD INCOME (2014 US Census ACS) 85% WHITE/CAUCASIAN 5% BLACK/AFRICAN AMERICAN $171,200 6% ASIAN 73.9% MEDIAN VALUE OF OWNER- HOMEOWNERSHIP RATE 4% HISPANIC OCCUPIED HOUSING UNITS OF POPULATION IS 10% FOREIGN BORN POPULATION ROCHESTER, MN ENGLISH AS A SECOND (2015 US Census) 12% LANGUAGE 112,225 ROCHESTER METRO AREA 213,873 (2014 US Census) 80+ LANGUAGES 20K MORE THAN 80 DIFFERENT LANGUAGES ARE SPOKEN IN HOUSEHOLD INCOME ROCHESTER $100,00+ 10K $50,000–$99,999 $25,000–$49,999 NUMBER OF HOUSEHOLDS 0 $25,000 AND UNDER Economic$$$$$$$$$ Profile MAYO CLINIC IMPACT 1.5 MILLION PATIENTS EACH 12,346 BUSINESSES YEAR FROM MORE THAN 140 COUNTRIES EMPLOYMENT FASTEST ESTIMATED ACCESS TO A LABOR POOL GROWING SECTOR: PURPOSE OF MEDICAL TRIP TO THAT EXCEEDS 150,000 ROCHESTER TECHNOLOGY 36,000 HEALTH CARE RELATED JOBS 12,000 TOURISM JOBS 67% MAYO CLINIC MEDICAL TECHNOLOGY DEVELOPMENT CONVENTION/ IS A FOCAL POINT FOR DMC 16% SPORTS ➤ THE NUMBER ONE EMPLOYMENT OPPORTUNITY is health care BUSINESS & and its related technology. 9% CORPORATE ➤ ROCHESTER’S SECOND LARGEST INDUSTRY is travel, hospitality and tourism. LEISURE 5% ➤ OTHER SIGNIFICANT EMPLOYMENT includes agriculture, which is represented by 1,400 working farms in Olmsted County, education, government, retail and more than 150 manufacturing firms. 3% OTHER 2,000–2,700 2.76 MILLION $427 MILLION NEW JOBS IN ROCHESTER ANNUAL VISITORS 2014 GROSS TOURISM FROM CONSTRUCTION SALES IN ROCHESTER ON AVERAGE ANNUALLY Major Investments to Fuel the Growth $3.5 BILLION $2.1 BILLION $585 MILLION MAYO CLINIC OVER ADDITIONAL PRIVATE STATE OF MINNESOTA THE NEXT 20 YEARS INVESTMENTS Education/Transportation Profile HIGHER EDUCATION WORKFORCE The presence of a medical school associated with Mayo Clinic and EDUCATIONAL LEVEL the Mayo Institutes is a major asset 57,729 and offers an opportunity to expand programs to attract life sciences students ➤ HIGH SCHOOL and programs. GRADUATE OR EMPLOYED percent 94% HIGHER, ➤ MAYO MEDICAL SCHOOL of persons age 25+ 34% of graduates practice medicine 2010-2014 in Minnesota ➤ UNIVERSITY OF MINNESOTA– ➤ BACHELOR’S ROCHESTER (UMR) DEGREE OR % 2.8 ➤ ROCHESTER COMMUNITY AND 40% HIGHER percent of persons age 25+ UNEMPLOYMENT TECHNICAL COLLEGE 2010-2014 RATE OLMSTED COUNTY ➤ WINONA STATE UNIVERSITY ➤ AUGSBURG COLLEGE 2 & 4 YEAR INSTITUTIONS ➤ ST. MARYS UNIVERSITY 45 OF HIGHER LEARNING LOCATED WITHIN A 90-MILE RADIUS OF POPULATION OVER 25 86% HAS HIGH SCHOOL DIPLOMA DISTANCE TO MAJOR HOLD A BACHELORS COMMUTE 29% DEGREE OR HIGHER CITIES NEARBY TIME 15 MINUTES MINNEAPOLIS/ ST PAUL, MN: 86 MILES AVERAGE COMMUTE TO WORK TRANSPORTATION DES MOINES, IA: 210 MILES ASSETS DULUTH, MN: 227 MILES • CONNECTED SKYWAY AND SUBWAY TO DOWNTOWN BUSINESSES AND MADISON, WI: 208 MILES ATTRACTIONS • SHUTTLE SERVICES TO ROCHESTER AND MINNEAPOLIS AIRPORT 28,000 COMMUTE • CITY BUS LINE TO WORK AT MAYO CLINIC • ROCHESTER INTERNATIONAL AIRPORT.
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