October sets record for value of permits issued

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By Yvon Gauvin
Times & Transcript staff

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Record construction figures in the midst of a recession year is making Moncton the envy of many municipalities.

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RON WARD/TIMES & TRANSCRIPT

The City of Moncton issued 124 building permits in October, valued at $33.8 million, a record high for October in terms of the total value of building permits issued by the city. The second best month of October occurred in 2004 when the total value of permits had reached $23.6 million. Here, work continues on the new Kiwanis Ball Field in Moncton.

A total of 124 building permits worth a record $33.8 million in construction were issued last month raising the year-to-date total worth a record $198.2 million. It's likely the city will pass the $200 million mark by the end of the year.

The second highest total value for October was $23.6 million in 2004, while the total value for the first 10 months last year was $106.6 million, just a little more than half the total to date this year.

By comparison, 111 permits worth $6.9 million were issued in October 2008.

"Despite the worldwide recession, 2009 will be remembered as our best year ever for construction activity for the City of Moncton," said Mayor George LeBlanc.

"The performance of our construction sector this year is another clear indication that the hard work of all our community stakeholders to transform Moncton from our blue-collar town with an uncertain future to one of the most diversified economies in Canada is paying off," he said.

The city owes the record construction in October to big ticket items such as the $17 million permit for the foundation of the new school on Ryan Road; $2.85 million for the addition to the Dr.-George-L.-Dumont Regional Hospital; $2 million for expansion of the Codiac Transit facility on Millennium Boulevard; $1.2 million for foundation for the Moncton Gospel Hall on Salisbury Road and creation of office spaces for Ocean Capital Investments Moncton Ltd. on Main Street.

"All the stars aligned for us this year, as several large projects such as the provincial courthouse, the NB Casino, the stadium on the campus of Université de Moncton all became a reality," said Ben Champoux, business development specialist for the City of Moncton.

"Construction activity in 2010 may not match our 2009 record level, but consumer confidence remains strong, interest rates remain low, employment is at a near record high and all the large projects currently under construction will generate even more jobs once completed," he said, making 2010 another good year in historical terms.

"It's absolutely fantastic," he added.

City officials knew 2009 would be a good year but never expected to close in on the $200 million mark. It will be remembered as one of the best years. It will also breath confidence in the city for investors here and outside the municipality which could lead to further development and growth, Champoux said.

"No doubt, other key stakeholders are looking (at the city) with interest."

He is expecting to see big projects including in the retail industry for the city in 2010.

On the residential side, the city issued 72 permits worth $7.2 million or 21 per cent of the total value of the permits in October.

Twenty-one permits worth $3.9 million were issued for the commercial and industrial sector, and five permits worth $22.4 million in the institutional and government sector.