Mayo Clinic Made Historic Investment in Rochester Last Year, Report says

Rochester, MN (KROC-AM News)- Mayo Clinic made its largest annual investment in its more than 160 year history in Rochester last year. 

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That’s according to a report that the Destination Medical Center Corporation (DMC) Board is set to approve. 

Each year DMC and Mayo Clinic must report private investment totals to the Minnesota Department of Employment and Economic Development. 

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Mayo is responsible for the majority of the private investments and last year’s report said the healthcare giant’s investments in Rochester surpassed the $1 billion mark since the initiative started in 2013. 

Report: Mayo Clinic Investments in Rochester, MN Increased by Millions in 2024, Set New Record

The 2024 report comes as construction begins in earnest on Mayo Clinic’s $5 billion downtown Rochester expansion. 

DMC is reporting expenditures by Mayo Clinic and other private entities totaled nearly $185.5 million in 2024. 

Mayo Clinic’s investment last year was $176.2 million, its largest annual investment in Rochester on record. The total is more than $40 million invested last year which was the third-largest investment since 2013 at the time. 

Other private entities invested a total of $9.3 million, which is down from about $12.5 million invested in 2023. 

Along with Mayo Clinic expansion, other areas in the DMC area of Rochester that received private investment were in housing, health tech, retail and other areas. 

The report also indicates that the City of Rochester and DMC Economic Development Agency are in discussions with 14 different developers regarding the addition of nearly 900 affordable housing units, 1,200 market-rate housing units, and 200 hotel rooms. 

Last year’s private investments unlocked nearly $50 million in state aid, according to the report.