City hit $1.4 billion in new development in 2015

Updated: January 8, 2016 - 11:19 am

City officials said the city closed 2015 with $1.389 billion in building permits — the fourth consecutive year Minneapolis has surpassed $1 billion in new construction.

In 2014, the city hit $2 billion in construction with large projects like the new U.S Bank Stadium and Ryan Cos.’ Downtown East development accounting for a big chunk of that total.

Mayor Betsy Hodges said the continued confidence investors have in the city will fuel economic growth into the future.

“I remain committed to making sure that milestones like this continue to happen as we work together to transform Minneapolis into a globally recognized city,” she said.

Hotel development was especially hot in 2015 with four new projects and one remodel. The development of new rental housing projects also continued at a fast clip with the city issuing permits for 17 new apartment developments.

A total of 1,571 new housing units were added to the city, according to the city’s Community Planning and Economic Development (CPED) department.

Another highlight includes the construction of the new headquarters for Xcel Energy at 4th & Nicollet.

CPED director D. Craig Taylor said it’s exciting to see such a “robust mix” of new development.

“These projects not only grow our economy and make our city a more vibrant place for people to live, but they also play an important role in creating sustainable jobs in a wide variety of industries and communities,” he said. 

The city’s 3rd Ward, which includes downtown, northeast and southeast Minneapolis neighborhoods, had the highest number of building permits issued in 2015 with a total valuation of $558.3 million. 

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Total valuation of building permits in Minneapolis since 2000:

2000: $1.142 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: $1.389 billion

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Total building permit valuation in 2015 by city ward:

Ward                    Valuation

1                              $50,326,737

2                              $66,371,734

3                              $558,287,102

4                              $24,438,025

5                              $66,217,339

6                              $33,188,551

7                              $285,239,916

8                              $16,536,175

9                              $50,806,261

10                           $41,893,404

11                           $29,606,976

12                           $52,764,892

13                           $102,664,254

unknown             $10,387,878*

Total                      $1,388,729,244