Medtronic, the world's largest medical technology company, has selected Mounds View, Minnesota for its new Cardiac Rhythm Management (CRM) campus. Medtronic’s initial investment in the city is close to $10 million ($8.65 million for land and $1 million on behalf of the City to the State). The project involves the construction of two buildings with 820,000 square feet and the creation of 3,000 jobs. Direct investment in construction costs and equipment will reach $200 million. Contractors will employ an average of 250 direct jobs per day. The average annual salary earned by Medtronic CRM employees will be $70,000 plus benefits. The value of Phase One is $65 million for buildings alone. In addition, the State of Minnesota will pay $20.5 million to reconstruct roads and replace a bridge. These improvements represent a significant benefit to the entire north metropolitan area. In addition, Medtronic has 3,000 suppliers in Minnesota with direct annual spending contributing another $1 billion per year. The macro-level economic impact of this expansion results in an additional $495 million annually to Minnesota.
