In 1911, the Floodwood School, which had previously been a county school, became Independent School District No.
19 (after 1958, Independent School District 698), and a new, six room, brick building was built for it.
Dairy cattle are still a major part of the local economy. It is roughly halfway between Duluth and Grand Rapids along U. Highway 2, as well as roughly halfway between Hibbing and Moose Lake along State Highway 73. Floodwood is 46 miles (74 km) northwest of Duluth and 37 miles (60 km) southeast of Grand Rapids.
The 1970 Census showed, for the first time since 1920, that Floodwood's population had decreased. Floodwood is 33 miles (53 km) northwest of Cloquet and 40 miles (64 km) south of Hibbing.
This announcement led to a local population boom in anticipation of the opportunities the railroad would bring. In 1893, the year that local government was first organized, the first Floodwood School building was constructed of logs.
The following year, the Nelson Company was purchased by what would, six years later, become the Weyerhaeuser Timber Company, continuing the intensification of logging activities in the area.
47.5% of all households were made up of individuals and 21.4% had someone living alone who was 65 years of age or older.
The average household size was 2.03 and the average family size was 2.92. 21.4% of residents were under the age of 18; 9.3% were between the ages of 18 and 24; 24.8% were from 25 to 44; 24.5% were from 45 to 64; and 20.1% were 65 years of age or older.
Protected areas near Floodwood include Savanna Portage State Park, the Savanna State Forest and the Floodwood Game Reserve.However, it was not until the late 19th century that homesteads began to appear in the area.In 1889, it was announced that a railroad would pass through the area. Campbell began large-scale logging operations in the area and the C. Nelson Lumber Company of Cloquet built a logging railroad in the area (albeit, the logging railroad only operated in the winter - during the summer, the logging operations took advantage of the Saint Louis River to transport timber to mills in Cloquet).In 1911, the Floodwood Creamery Cooperative was organized.
The creamery became the main support of the local economy, selling local dairy products across the world until it closed in the late 1960s.Originally a logging community, it was a dairy community for most of its history, but could now be best described as a bedroom community, since most of its working population finds employment in nearby Duluth, Grand Rapids, Hibbing and Cloquet. Highway 2 and State Highway 73 (MN 73) are two of the main routes in Floodwood.