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WS — Item #6 WORK SESSION STAFF REPORT Work Session Item No. 6 Date: May 4, 2015 To: City Council From: Katie Larsen Re: Metropolitan Council Thrive MSP 2040 Forecast Update Background Thrive MSP 2040 is the Twin Cities region's long-range planning effort. This plan will provide a regional vision for the 7 -county metropolitan area for the next 30 years. Under state law, the Council prepares a long-range plan for the Twin Cities region every 10 years. The forecasts drive the systems and policy plans developed by the Council: the Transportation Policy Plan, the Water Resources Policy Plan, the Regional Parks Policy Plan, and the Council's first Housing Policy Plan update in nearly 30 years. Thrive MSP 2040 was adopted by Met Council on May 28, 2014. Due to updated real estate and land use data released in March 2015, a revised draft forecast 2015 is being proposed. The following table compares the adopted 2014 forecast and the draft 2015 forecast: The 2015 population projections increase slightly when compared to the 2014 projections; however, the household projections are the same by 2040. Employment projections are also the same by 2040. Population Households Employment 2020 2030 2040 2020 2030 2040 2020 2030 2040 Adopted Forecast (2014) 22,000 24,800 29,000 7,100 8,700 10,600 4,420 4,940 6,000 Draft Forecast (2015) 22,800 26,900 31,100 7,300 9,000 10,600 4,700 5,300 6,000 Difference 800 2,100 2,100 200 300 0 280 360 0 The 2015 population projections increase slightly when compared to the 2014 projections; however, the household projections are the same by 2040. Employment projections are also the same by 2040.