Lakeville experienced significant economic growth in 2024 with building permits valued at over $257 million, city officials announced during the annual State of the City program hosted by the Lakeville Chamber of Commerce.

Community Development Director Tina Goodro highlighted major projects including the $32 million RL Cold Storage facility, the largest single building permit issued last year. The 276,480-square-foot cold storage warehouse, located behind Sweet Harvest Foods, is expected to open this year and will serve grocery stores and major retailers including Walmart and Target.

Mayor Luke Helier outlined infrastructure improvements and public safety investments, including the groundbreaking of the First Responder Skills Training Center. The state-of-the-art facility, built on the site of the former public works building, received $7 million in state funding and $800,000 in federal support for engineering and design. The total project cost exceeds $18 million and will serve as a regional training hub for over a dozen partner agencies.

The city completed construction of Grand Prairie Park, which will become Lakeville's largest community park when finished. Located at Cedar Avenue and 185th Street, the park features new baseball facilities, a splash pad funded by the Lions Club, and pickleball courts. Antlers Park, which reopened last summer after a year-long closure, hosted 320 outdoor events and 87 indoor events, including two weddings.

Lakeville's employment base grew to 21,460 people as of the third quarter 2024, representing a 37% increase over the past decade. The city's unemployment rate remains at 2.6%, below both Dakota County at 3% and Minnesota at 3.6%. Major employers include Lakeville Public School District, Post Consumer Brands, and Hy-Vee, according to the presentation.