Lakeville achieved record-breaking economic development in 2024 with building permits valued at more than $257 million, city officials announced during the annual State of the City presentation Tuesday.

The permit total slightly exceeded the previous record of $253 million set in 2020, according to Community Development Director Tina Goodro. Non-residential development accounted for $75.1 million of the total, with the largest single project being a $32 million cold storage facility for RL Cold Storage.

Mayor Luke Helier highlighted ongoing infrastructure improvements, including construction at Grand Prairie Park and the groundbreaking of a new First Responder Skills Training Center. The city also expanded its police force to 73 sworn officers and transitioned the fire department to a hybrid model combining full-time and volunteer firefighters.

Employment in Lakeville reached 21,460 people as of the third quarter 2024, representing a 37% increase over the past decade. The city's unemployment rate remained low at 2.6%, compared to 3% countywide and 3.6% statewide.

Several major projects are planned for 2025, including the Lakeville 35 Logistics Center North Edition, which received final approval and is expected to break ground this week. Dakota Electric Association is also evaluating an expansion that would include a 176,685-square-foot facility for 200 employees.