City exceeds $1 billion in construction permits sooner than any year on record

The City recently surpassed the $1 billion mark for construction permits faster than in any year on record. This is the fifth consecutive year that Minneapolis has had more than $1 billion in construction projects approved (based on the value of permits issued).

The total valuation of building permits in Minneapolis since 2000:

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: $1.39 billion
2016: $1.12 billion (as of Aug. 25)

The construction activity derives from a variety of sources demonstrating the strength and vibrancy of the city’s economy. Housing development continues to play a major role as the influx of people wanting to move into the city is evident in the many multistory apartment buildings currently under construction; they include the new Lennar mixed-use development at 315 First Ave. NE and the new apartments and townhouses being built at 100 Hennepin Ave. Other large projects include major new developments or remodels at institutions such as Hennepin County Medical Center, the Veterans Home, Target Center and Mount Olivet Church.

The top 10 construction projects in Minneapolis by building permit value are:

  1. Hennepin County Outpatient Center at 715 Eighth St. S. valued at $134,858,902.
  2. Lennar Mixed Use at 315 First Ave. NE valued at $74,935,127.
  3. Veterans Home Building at 5101 Minnehaha Ave. valued at $50,029,466.
  4. Target Center Remodel at 600 First Ave. N. valued at $42,196,846.
  5. South Minneapolis Regional Service Center at 3029 22nd Ave. S. valued at $36,290,614.
  6. 100 Hennepin Avenue Apartment Building at 100 Hennepin Ave. valued at $31,925,920.
  7. KA Block Parking Garage at 523 Eighth St. S. valued at $24,500,000.
  8. Mount Olivet Careview Home at 5517 Lyndale Ave. S. valued at $23,820,654.
  9. Hagsfor Center at 700 21st Ave. S. valued at $23,500,000.
  10. Baker Building at 706 Second Ave. S. valued at $21,884,864.

The remainder of 2016 is not predicted to slow down. Several large projects are still expected to go before the Minneapolis Planning Commission before the end of the year.

Published Sep 6, 2016

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