DMC Reports Over $155 Million in Private Investments In Rochester In 2021
Rochester, MN (KROC-AM News) - The Destination Medical Center Corporation is reporting more than $155 million in private investment was documented in 2021.
A news release said that the 2021 figures include over $110 million in Mayo Clinic investment and over $44 million by other private investors. The 2021 investments were $11 million more than in 2020.
“These have not been the easiest couple of years to do any kind of investment in any community. This is something to pause and recognize and celebrate. So, congratulations to all of you who have done the heavy lifting to make that possible,” DMCC Board Secretary Pamela Wheelock said.
The cumulative total now sits at more than $1.3 billion in private investment since the beginning of the DMC initiative in 2013. The 2021 private investment, along with the cumulative investment, will release approximately $29.2 million in state public infrastructure funding later this year.
The state aid will support new jobs and businesses, accessible public spaces, generational improvements to streets and sewers, increased mobility options, greater arts and culture programming, and overall downtown vibrancy.
“Like all markets we may face headwinds due to commodity pricing, supply chain disruptions, interest rates, and workforce,” DMC Executive Director Patrick Seeb said when referencing the projections for 2022 and beyond. “One area we do address is workforce. With the mayor leading the way with the Bloomberg Global Challenge around women in construction, specifically BIPOC women, we will continue to see growth of our workforce in the built environment.”
2021 private investments were seen in housing, hospitality, life science, and the downtown sector.
“I would just like to say how proud I am to pass along this report to the state. Along with leveraging private investment, we are seeing housing for our incoming workforce and small businesses and entrepreneurs reinvesting in Rochester. We can see that Destination Medical Center is working,” said DMCC Chair R.T. Rybak.