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Minneapolis’ employment growth will outpace population growth in the coming years

By 2020, employment in the city of Minneapolis is expected to increase 12% from 2010 counts. Minneapolis’ population is expected to grow at 11%, a respectable but less rapid rate than job growth. This divergence will escalate through 2040 when employment will have grown 24% since 2010 and population will have grown 20% within the city boundaries, based on Metropolitan Council’s estimates.

On average, Minneapolis will add about 23,000 new workers every decade. Where will all these additional employees work? By square footage, the vast majority of buildings under construction or renovation are multifamily (4.6 million square feet in total). Most recent job growth has been in healthcare and education, so we can assume a large share of these new jobs will be in hospitals, medical office buildings, and schools. Yet in a knowledge economy, office space will be critical for many of 2040’s workers. It remains to be seen if the Minneapolis CBD Core will still be the center of office development ten to twenty years from now.

Source: JLL Research, Metropolitan Council "Thrive MSP 2040" Forecasts

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