Minneapolis is beginning to see the effects of the projected plateau of the 2020 construction market.
The sectors where this is most prevalent are the commercial and manufacturing sectors, where the 2020 predictions are expecting 10% declines. This is somewhat softened by the 2.8% increase in the infrastructure sector, which is Minneapolis’ second-largest sector, trailing only residential. The residential sector is trending for a 2.5% decline.
Since 2010, the number of trade workers has been increasing steadily year-on-year in the Minneapolis region and the unemployment rate has been in decline, although both of these trends are expected to plateau in 2020. Minneapolis is seeing some large and exciting new projects make progress, such as the Bottineau light rail extension, which is expected to need approximately 6,500 construction workers to build the new line from downtown to Brooklyn Park, and which also includes the construction of 11 new stations. Another one of Minneapolis’ mega projects is the Ford Assembly Plant redevelopment project, which will develop a vacant 122-acre site in the Highland park area into hundreds of residential units along with office and retail space.