Agenda - Planning Commission - 03/06/2014

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come from migration as our region's economic opportunities attract migrants from the rest of the nation and world. More jobs and economic growth. With 1.6 million jobs, the Minneapolis -Saint Paul region is the predominant economic center for Minnesota, western Wisconsin, the Dakotas and Montana and is the nation's 13th largest metropolitan economy. Between 2010 and 2040, our region is projected to add 550,000 new jobs, an increase of 36%. Having surpassed one million jobs by 1980, our region is projected to surpass two million jobs by 2040. The total value added by all industry sectors in the region —the Gross Metropolitan Product —will rise to $400 billion in 2040. That $400 billion represents 1.5% of the U.S. Gross Domestic Product, a major achievement considering that the region has less than 1.0% of the nation's population. rn Twin Cities Population (in millions) 0 N ,sO0,O�sO 0O ,�O OHO „ O OHO Over the next three decades, our region will see more infill development, investment and intensification in the older, urbanized, and most accessible parts of the region. Driving this change are our aging population, new residential preferences among younger households, and increasing interest in sustainable lifestyles. Suburban edge communities will continue to grow and fill in though more slowly than in decades past. Changes and challenges that lie ahead for our region As we plan for our next 30 years, key challenges lie ahead —constrained fiscal resources, new demands stemming from demographic shifts, emerging environmental challenges, new regional planning priorities, and the increasing necessity of regional economic cooperation. The growing need to preserve and maintain our aging infrastructure is an increasing burden on limited fiscal resources. For example: • Seventy-five years after the construction of the Metro Plant on the Mississippi River, our region's aging wastewater infrastructure requires ongoing investments to remain effective. • Similarly, crumbling roads and bridges demonstrate the necessity for higher levels of investment to maintain our highway system. • The 2013 Minnesota State Highway Investment Plan, prepared by the Minnesota Department of Transportation, shows that the region will have only $52 million available annually from 2014 to 2022 for highway mobility improvements, meeting only one - quarter of the projected need. From 2023 onward, all state transportation funding will be devoted to preservation of the existing system. DRAFT FOR PUBLIC COMMENT Last revised: February 21, 2014 2