Economic Development Week: The Minnesota Technology Corridor Proves We Are Stronger Together
May 3, 2024
Economic Development Week (EDW) runs from May 6th to May 10th, 2024. It is designed to spread awareness about the role economic development organizations play in supporting their communities. However, the Minnesota Technology Corridor is in a unique position because it doesn’t support a single town or county. Instead, several municipalities work together to boost the region as a whole.
The Minnesota Technology Corridor stretches across Anoka and Washington counties. It is made up of six different cities built along I-35. The region has easy access to Minneapolis-Saint Paul while offering the high quality of life that comes with suburban living.
“The Minnesota Technology Corridor is made possible through the collaboration of multiple representatives and community leaders,” says Greg Frahm-Gilles, Director of Economic Development for Anoka County Regional Economic Development. “Instead of competing against our neighbors for resources, we work together. Something that benefits one city will improve the economy of the others surrounding it.”
If you haven't bought into the Minnesota Technology Corridor, now is the time. Learn why we are stronger together.
Working Together Has a Greater Impact on Business Recruitment
The world of economic development is competitive and cutthroat. Minnesota counties compete with municipalities across the United States and internationally for resources. A new business that moves here can have a significant impact on the reputation, employment, and tax revenue.
“Instead of competing with Anoka County to attract businesses, it makes sense to work with their team,” says Chris Eng, Economic Development Director for the Washington County Community Development Agency. “Some of the best shovel-ready sites for data centers and manufacturing facilities in the United States are spread across our counties. The more businesses discover the Minnesota Technology Corridor, the more our region will grow.”
One of the best examples of this is the TechHub distinction given to the Twin Cities by the Biden Administration. The region is officially recognized for its medical technology industry, which is attracting national and international attention. Governor Tim Waltz recently promoted Minneapolis and its MedTech distinction on his first-ever trade mission to Australia.
“When a new medical technology company comes to the region, they might choose Anoka County,” says Frahm-Gilles. “Another MedTech company might expand to Washington County. Both of these new businesses benefit the region as a whole.”
Job Growth in One Town Boosts the Economies in Others
When new employers come to a city or region, there are economic development ripple effects throughout the area. Job openings attract top talent and allow residents to earn stable incomes. These new hires can then use their incomes within the local communities and contribute to property taxes.
However, economic development is rarely as neat and simple as people think it is. The reality is that many people live and work in different cities – or even counties. When a new business moves anywhere within the Minnesota Technology Corridor, both counties benefit from the increased job opportunities and new employees looking for recreational opportunities outside of work. An employee who gets a job in Hugo could decide to buy a house in Forest Lake.
Minneapolis is also one of the best places in the country for commutes. The daily travel time is just above 25 minutes for the average worker. Minneapolis ranks third in the country for the shortest commutes, which means employees can move to any part of the Minnesota Technology Corridor and arrive at work on time.
Economic Resources Don’t Stick to County and City Limits
Even if the counties and cities in the Minnesota Technology Corridor wanted to compete against each other, they would still benefit from the same resources. For example, most residents and businesses within the Corridor are supported by Connexus Energy, recently named one of the Most Innovative Companies of 2024. Connexus Energy is the largest member-owned nonprofit Electric Cooperative in Minnesota.
Residents across the Minnesota Technology Corridor are all served by the Minneapolis-St. Paul International Airport (MSP), which was recently named the Best Airport in North America for the third straight year.
People who call the Minnesota Technology Corridor home also benefit from the ample natural resources, exciting sporting events, and ample arts and music events throughout the region. You can embrace your favorite hobbies and activities whether you call Lino Lakes or Blaine home.
“We choose to live in this region because of its great quality of life,” says Eng. “The natural Minnesota beauty doesn't stick within county limits. You can find a great place to live or raise a family anywhere within the Corridor.”
Join the Minnesota Tech Corridor to Develop the Region as a Whole
The Minnesota Technology Corridor is always looking for partners, municipalities, and business owners to help grow the area. It doesn't matter where you are located within the region, your influence has the power to make a difference within your specific community and the Corridor as a whole. Let's come together this Economic Development Week and recognize what we can get done when we combine our efforts and work toward a greater vision for the region. Contact us today to get involved.
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