Capital investments in greater Mankato exceed $150 million
MANKATO, Minn. (KEYC) - Businesses are investing in the Mankato region, especially in manufacturing.
The Regional Economic Development Alliance & Greater Mankato Growth are tracking this recent spike in investment in the area and say it’s something the community can build on.
In Greater Mankato, the capital investment exceeded $150 million.
Building permit and investment data for 2021 showed a 98.7% growth over 2020 and a 29.3% increase over 2019.
”So we’re really excited about the confidence that business owners and developers have had in our region over these last years. Whenever we have investments like this, it spurs future investments. So they see that the community is growing and they say, well, it makes sense for me to make this investment too,” said Ryan Vesey, economic development and research manager at Greater Mankato Growth.
With 2021′s investment of close to $160 million, Greater Mankato’s five-year capital investment grew to over $750 million.
“In fact, we already know that in 2022 we’re seeing some major investments. And, in fact, when we look at some of these building permits that we pulled in 2021, we know that some of them were actually laying the groundwork for major projects in 2022. So we have a lot to look forward to,” Vesey added.
Private investment into the primary/manufacturing economy is seeing the highest growth.
Investment grew by 127% compared to 2020 and 420% compared to 2019.
Dotson Iron Castings was one of the largest private investors in 2021.
The confidence in the growth of the community resulted in building a several million-dollar employee center.
“Not only is it important to invest in your production and your operation but the people that are there to support it and make it happen,” Dotson Iron Castings Vice President Liz Ulman said.
Last year, the City of North Mankato dedicated around $9 million in investments toward commercial or industrial uses.
“It is encouraging that developers and business owners are investing in the region and I think that is largely due to the quality of life, the quality of people and the quality of workforce we have in this region,” said Michael Fischer, community development director for the City of North Mankato.
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