Envision Shakopee

REGIONAL TRENDS SHAKOPEE’S FUTURE

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45 Running Header Place Holder 2 1 4 3 8 7 6 5 ENVISION SHAKOPEE | COMMUNITY OVERVIEW Shakopee Today Running Header Place Holder Running Header Place Holder Running Header Place Holder Running Header Place Holder Running Header Place Holder

The Twin Cities region is projected to grow by more than 800,000 residents and 500,000 new jobs by 2040. Growth over the past decade has been rapid, but is expected to eventually stabilize at a slightly slower rate. The region is experiencing significant demographic shifts, reflecting larger nation-wide trends. The population is growing older as the Baby Boomer generation enters its retirement years and becoming more racially and ethnically diverse as both migrants and immigrants move to the region for job opportunities. By 2040, one in every five residents of the Twin Cities region will be age 65 or older. This will have a significant impact on housing needs and preferences. Roughly one-third of the region’s households will be people living alone, and many empty-nester households will desire to downsize. Many will choose to sell their homes and become renters or move to a condominium arrangement. At the same time, the number of family households in their peak home-buying years will decline. The Millennial generation has become a dominant segment of the regional workforce and is now entering the home-buying stage of life, though many are waiting longer to purchase a home due to high levels of student debt, among other issues. This generation is also delaying marriage, having fewer children and driving less than previous generations. Both of these demographic groups are increasingly choosing where to live based on short commute times and walkable access to community amenities like; retail, dining, parks and trails. These trends will play out differently in different communities throughout the region, but can be expected to shape patterns of growth and development in Shakopee.