We report the temporal evolution of the excess brightness temperature ΔTb above solar active regions (ARs) observed with the Solar Submillimeter Telescope (SST) at 212 (λ = 1.4 mm) and 405 GHz (λ = 0.7 mm) during Cycles 23 and 24. Comparison with the sunspot number (SSN) yields a Pearson's correlation coefficient R = 0.88 and 0.74 for 212 and 405 GHz, respectively. Moreover, when only Cycle 24 is taken into account the correlation coefficients go to 0.93 and 0.81 for each frequency. We derive the spectral index between SST frequencies and find a slight anticorrelation with the SSN (R = −0.25); however, since the amplitude of the variation is lower than the standard deviation we cannot draw a definite conclusion. Indeed, remains almost constant within the uncertainties with a median value of 0 characteristic of an optically thick thermal source. Since the origin of the AR submillimeter radiation is thermal continuum produced at chromospheric heights, the strong correlation between ΔTb and the magnetic cycle evolution could be related to the available free magnetic energy to be released in reconnection events.