Minneapolis reached a major milestone in 2024, surpassing $1 billion in construction value for the 14th year in a row. The impressive total reflects the city’s continued growth and residents’ confidence in Minneapolis as a place to live, invest and build.
At a news conference Tuesday, Mayor Jacob Frey – flanked by Council President Elliott Payne, Council Member Jamal Osman, City leaders and development representatives – said the numbers signify how much people believe in Minneapolis’ future and are committed to making it stronger.
"No matter the scale or scope of the project, these numbers speak volumes: people trust Minneapolis. They see it as a city of opportunity, a city worth building in, and a city worth building on,” said Mayor Jacob Frey. "Surpassing $1.8 billion in construction value is no small achievement. I am incredibly proud of our outstanding CPED team and community partners, whose dedication ensures Minneapolis remains a city that people are eager to invest in and call home.”
A nod to affordable housing
Half of the highest-valued projects in 2024 are for affordable housing developments, showing the City continues to invest in publicly subsidized homes for residents who need them. The City also permitted smaller, residential projects like kitchen or bath remodels, home additions and more. Over the last several years, this has proven that residents not only want to move to the city but want to improve their homes to stay long term.
"These numbers represent the City’s deep commitment towards addressing the housing crisis,” said Minneapolis City Council President Elliott Payne, Ward 1. “Construction at this scale doesn’t happen at the whim of the market, but through focused and consistent dedication to housing policy that prioritizes the needs of the community.”
“I am very pleased to see the City continuing to invest in publicly subsidized housing for Minneapolis residents,” said City Council Member Jamal Osman, Ward 6. “Buying a home can be a struggle, so it is great to see efforts being made to help people stay in Minneapolis. Homeownership should be achievable for everyone in Minneapolis, and if the City continues investing in its future, that can become a reality for more residents.”
By the numbers, the City of Minneapolis issued 44,574 permits in 2024. There were 640 dwelling units permitted for new construction. The overall value for the year is more than $1.806 billion.
“The exciting part is that this work never stops. There are more significant projects in the future that will continue to build and enhance Minneapolis – for people and our community,” said City Operations Officer Margaret Anderson Kelliher. “It’s an important responsibility to build a future Minneapolis for generations to come.”
The top 10 projects in 2024:
- $586 million – Expansion of Abbott Northwestern Hospital’s Surgical and Critical Care Pavilion. This is the highest valued project since U.S. Bank Stadium was built in 2014.
- $45 million – Redevelopment of the former Wells Fargo bank site for Opportunity Crossing
- $39 million – Multi-phase development of the Artspace NKB Lofts
- $31 million – Rehabilitation of five buildings at Olson Court Apartments – Park Plaza and the new construction of a 119-unit building
- $24 million – Interior remodel of Minneapolis City Hall
- $22 million – Multi-floor remodel of Ameriprise office building
- $22 million – Construction of 110 units at Lakefield Apartments
- $19 million – Construction of a mixed-use building at France 50
- $17 million – Buildout of additional floors and office space at North Loop Green
- $17 million – Construction of a mixed-use building at Valiance
“This milestone is a testament to the collaboration and vision of our employees, city leaders, developers and residents, said Community Planning and Economic Development Director Erik Hansen. “As we look ahead, the projects on the horizon promise to continue reshaping Minneapolis into a city that thrives for everyone who chooses to open businesses and call it home."
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