DMC Investments in Rochester Hit Record High Last Year

Rochester, MN (KROC-AM News) - An annual accounting of economic activity tied to Rochester's Destination Medical Center initiative shows there was nearly $350 million in new private investment in the city's DMC district last year.

That figure was included in a report approved this week by the Destination Medical Center Corporation Executive Committee that will be submitted to the Minnesota Department of Employment and Economic Development. It is part of the annual certification process required by the legislation that created Destination Medical Center and is used to determine how much state funding is allocated to the initiative.

Majority of Investment From Mayo Clinic

The report indicates the vast majority of the private investment in Rochester last year was by Mayo Clinic. The total of $342 million is twice as large as any previous year.

“The continued pace of private investment demonstrates strong confidence in Rochester’s future and in the long-term vision of the DMC initiative,” said DMCC Board Chair Pamela Wheelock. “As Mayo Clinic advances its historic expansion and additional collaborators invest across the district, we are seeing the sustained momentum needed to transform downtown Rochester while ensuring the benefits of growth extend throughout the community.”

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$1 Billion in New Construction

Since in the start of the DMC initiative, there has been more than $2.1 billion in private investment within the Destination Medical Center district. A news release also notes that DMC has supported more than $200 million in public infrastructure investments and that Rochester has seen more than $1 billion in annual construction activity in each of the past three years.

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