The Destination Medical Center initiative represents the largest economic development opportunity in Minnesota and is one of the largest in the country. It will result in significant economic benefits for the State and local Jurisdictions and will create significant job growth and new business opportunities. A summary of the primary benefits of the project are outlined below.
Elevates Minnesota as a Global Center for Health Care (20 Years)
DMC, combined with projected Mayo Clinic growth, will generate significant economic and fiscal impacts during the 20 year DMC initiative:
- 25,000 – 30,000 new jobs in Minnesota from direct growth of Mayo Clinic and DMC program
- 10,000 – 15,000 new jobs from indirect and induced impacts of visitation and spending
- 1,800 – 2,200 jobs from construction on average annually
New Tax Revenues:
- The State of Minnesota is expected to collect an estimated $2.5 - $3.0 billion in additional tax revenues over a 20-year period.
- The City of Rochester is estimated to collect approximately $195 - $205 million in additional tax revenues over a 20-year period.
- Olmsted County is estimated to collect approximately $145 - $155 million in additional tax revenues over a 20-year period.
- Other jurisdictions (e.g. school district, etc.) are estimated to collect approximately $80 - $90 million in additional tax revenues over a 20-year period.
Capturing Economic Development:
There is also a commercialization element to DMC – the creation of new business/jobs developed through close collaborations. Rochester, and Minnesota as a whole, is currently losing almost all of the start-up biotech companies created here to other states. A component of DMC includes a strategy to promote Rochester and the State of Minnesota as a desirable location for start-up businesses, keeping them, and the jobs they bring, here.
The DMC project brings together a variety of Minnesota’s best assets, including:
- Interested industry, including the BioBusiness Alliance, LifeScience Alley, medical device and agriculture/nutrition
- Top medical providers in the world
- Strong public health tradition
- Strong corporate leadership and philanthropic tradition