Floodwood (2010 Census 528) bills itself as "A City for All Seasons." Three rivers flow through the city, providing splendid scenery and opportunities for year-round outdoor recreation.

Located at the intersection of Minnesota Highway 73 and U.S. Highway 2, the city is approximately 40 miles from four commercial centers: Hibbing, Grand Rapids, Cloquet and Duluth. Commercial/industrial sites, including tax-free JOBZ properties, are available for expanding companies. The city offers a revolving loan fund to encourage business development.