Survey Provides Insight On Minnetonka Business Climate

Minnetonka MN

08 April, 2022

9:07 PM

Description

Press release from the City of Minnetonka: April 7, 2022 This summer, King Technology is making a significant investment in Minnetonka as it prepares to relocate its headquarters from Hopkins and expand its operations. The investment makes sense given the results of the city's recent business survey. Conducted in fall 2021, the survey provides insight on the state of the local economy. Overall, businesses expressed optimism, as two-thirds of respondents said their business health was the same or better since the COVID-19 pandemic. "I think that speaks to the resiliency of the economy of the city," said the city's Economic Development Coordinator Robert Hanson. Minnetonka is home to many resilient industries that are less affected by economic ebbs and flows, Hanson said. Even with the rise in telecommuting, 84 percent of businesses anticipate their office space needs to grow or stay the same. King Technology President Randy Roseth said space was a big consideration in his company's move to Minnetonka. The business wanted a more open, spacious building that could support its growth and offer a healthy work environment. King Technology researches, develops and manufactures specialized sanitizing solutions for the recreational water industry. "We wanted to move into a building that has a footprint that allows for growth," said CFO Scott Kramer. "[And] Minnetonka's proximity to main arteries is strategically placed for us to attract talent." Workforce was one concern identified in the survey, as businesses everywhere struggle to fill positions. King Technology chose its new location in part for its visibility along I-494 as a means to build its brand and attract talent, Roseth said. The company is expanding its research and development center and plans to recruit potential employees from the area. King Technology is not alone. Forty-one percent of survey respondents expect their employment levels to grow in the next two years. In addition to the survey, the city's economic development team is also reviewing data for specific commercial nodes to compare pre-, intra- and post-pandemic numbers. The data will determine if there's real recovery or identify areas that are still struggling, Hanson said. For example, the Ridgedale Mall area saw a dramatic decrease in visitors from December 2019 (1.4 million) to April 2020 (300,000). However, as of June 2021, visitor numbers had rebounded (1.5 million). All the information will help the city identify program, assistance and outreach opportunities that could assist businesses moving forward. Julie Wischnack, the city's Community Development Director, said, "Our connections to businesses and understanding their needs is vital for community sustainability." This press release was produced by the City of Minnetonka. The views expressed here are the author's own.