Mayor R.T. Rybak said in April he wants the city’s population to swell to 450,000 by 2025. According to new Metropolitan Council population estimates, the city has put itself on pace to reach Rybak’s goal.
Minneapolis added 9,430 residents from April 2010 to April 2012, bringing the city’s population up to 392,008, a 2.5 percent increase. If Minneapolis continued to add 4,715 residents per year, the city’s population would reach 453,303 in 2025.
The Met Council studied every city in Twin Cities region. Minneapolis, with a two-year growth rate of 2.5 percent, is slightly outpacing the metro area, which grew by 2.1 percent over two years.
Todd Graham, principal demographer for Met Council, attributed the city’s gains to the recent apartment boom and low vacancy rate. He said it’s too early to say if the city’s population gain is part of a long-term trend or if people are being caution in a recovering economy and opting for renting apartments in the city rather than buying homes.
“We did see people becoming more cautions about this real estate choices, and when people become more cautions in that way, rental looks like a good hedge,” Graham said.
“But there could also be this changing preference, and there is a lot of survey research that points to a renewed interest in central locations and better proximity to work, things to do and everything you want to be close to.”
As to whether Minneapolis will reach 450,000 residents by 2025, Graham said he’s not yet ready to make any predictions. The Met Council is working on a metro population forecast that he expects to release in late August. That will forecast city-by-city populations in 2020, 2030 and 2040.
The Twin Cities metro, as of April 2012, had a population of 2.9 million, up 59,000 since 2010. Minneapolis added the most residents during that time period, followed by St. Paul (4,202), Blaine (3,013), Bloomington (2,739) and Maple Grove (2,361).