INDUSTRY OVERVIEW
These patients and their families may stay in the city for extended periods of time, resulting in influx of spending on accommodations, dining, and entertainment. In addition, the Mayo Clinic in Rochester now employs over 41,000 people. Additional industries driving Rochester’s growth and innovation include medical technology, agribusiness/food, tourism and information technology, to name a few. When it comes to technology, Rochester is emerging as a national center of life sciences industries, covering biotechnology, pharmaceuticals, and healthcare research. The region is teeming with the critical ingredients to make it to the top tier of technology communities thanks to high-quality university research that is involved with industrial efforts and increased early-stage venture capital for technology endeavors. In addition, the broad array of research institutions, private companies, and clinical settings offer ample research opportunities, as does the area’s mature agricultural community that is embracing new technologies daily.
Rochester’s growing economic strength is increasingly vital and has become a critical economic engine for Minnesota’s statewide economy.
Rochester is also home to numerous quality hospitals and specialized medical facilities. Of course, the world-renowned Mayo Clinic has long been the cornerstone of Rochester’s raison d’être, resulting in healthcare dominating the city’s economy. For generations, the Mayo Clinic has been the preeminent healthcare powerhouse, each year drawing more the two million patients from across the globe.
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