City exceeds $1 billion in permits issued for fourth consecutive year

The City has surpassed the $1 billion mark for approved construction in 2015. This is the fourth consecutive year that Minneapolis has surpassed that mark (based on the value of permits issued for the year). Before 2012, the City hadn’t reached that amount since 2000.

Yearly values of building permits in Minneapolis

2000: $1.14 billion
2001: $975.8 million
2002: $889.2 million
2003: $852.2 million
2004: $944.7 million
2005: $855.2 million
2006: $839.6 million
2007: $761.3 million
2008: $772.5 million
2009: $778 million
2010: $547.6 million
2011: $752.8 million
2012: $1.118 billion
2013: $1.211 billion
2014: $2 billion
2015: $1.03 billion (as of Sept. 11, 2015)

As expected, development around U.S. Bank Stadium including the Downtown East mixed-use development and other areas of Downtown account for much of the new construction (the stadium acquired the majority of its permits in 2014).

The top five 2015 construction projects in Minneapolis by building permit valuation are as follows:

  1. Downtown East, 550 and 600 S. Fourth St., valued at $79,896,867.
  2. Embassy Suites hotel, 2 S. Sixth St., valued at $50,868,521.
  3. Xcel Energy headquarters, 401 Nicollet Mall, valued at $44,363,000.
  4. Portland Towers, 740 Portland Ave., valued at $38,746,656.
  5. Greystar apartments, 2622 W. Lake St., valued at $35,966,000.

Of the five projects listed, three are new buildings. The Embassy Suites is a remodel of an existing development, and the Xcel Energy development is a new nine-story office tower added to its existing downtown headquarters building.

Published Oct 5, 2015

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