Minneapolis' population has exceeded 400,000 based on new estimates from the Metropolitan Council, a significant marker in the city's recent reversal of population declines.

The 2013 population estimate of 400,938, which is still preliminary, was sent to the Hennepin County board for review and comment on May 9. Final estimates will be certified on July 15, according to the letter sent to the board.

The city's growth appears to be accelerating. Based on the figures, Minneapolis added 8,930 residents between 2012 and 2013. By comparison, the city added just 5,295 residents between 2011 and 2012. 

Minneapolis' population hasn't exceeded 400,000 in a decennial census since 1970, as many residents were still fleeing the city to the suburbs. 

Minneapolis Mayor Betsy Hodges has set a goal of eventually surpassing 500,000 residents, which she has said will require adding density to transit corridors. 

The new estimates also show that the 2013 average household size was 2.24 and the total number of households was 170,195. That's up from 166,513 households in 2012.

The city issued permits to build 3,552 new units in 2013, valued at $1.2 billion altogether. Many of those projects are still under construction.

The Metropolitan Council is in the process of finalizing its "Thrive MSP 2040" 30-year planning document. Forecasts associated with that document project that Minneapolis will reach a population of just under 465,000 by 2040.

Minneapolis leaders have criticized those forecasts, which altogether project that Minneapolis and St. Paul will account for a smaller share of the metro-area population in 2040.