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While the housing crisis in the United States and a weakening global economy dominate the headlines, the City of Moncton continues to buck the trend.

In December 2008, the City of Moncton issued 82 building permits valued at $14,218,575. The number of building permits issued as well as their total value were both record highs for December. A $10.6 million permit issued to Sonco Gaming for the foundation of the Casino Hotel on Mountain Road led the City to its best December on record.

"2008 will be remembered as another banner year for the construction sector, and the year that our Building Inspection department issued more than 1,200 building permits for the first time ever," said Mayor George LeBlanc.

Thanks to the strongest December ever, the City of Moncton issued a record high of 1,205 permits for a total value of $127,899,000 in 2008. This marked the seventh consecutive year where the total value of building permits issued exceeded $125 million. The annual total value of building permits more than doubled over the past 10 years, jumping from under $60 million in the late ‘90s to over $127 million in 2008.

"Back in 2002, the total value of building permits issued was double the total value of the previous year and exceeded $125 million for the first time," LeBlanc said.

"At the time, everyone wondered if the City of Moncton could maintain the pace. After seven years of exceeding the $125 million mark, it's fair to say that we have a solid foundation in place to sustain long-term economic growth and prosperity in Moncton."

In 2008, KPMG recognized Moncton as the place with the lowest cost of doing business in Atlantic Canada and the New England states for the second consecutive time. Canadian Business Magazine ranked Moncton amongst Canada's Top 10 best places to do business for the fifth consecutive year, while MoneySense Magazine ranked Moncton amongst Canada's Top 10 places to live for the second consecutive year. Also, the Canadian Real Estate Association (CREA) recognized Moncton as one the Top 5 safe real estate havens in Canada.

Furthermore, employment reached a record high of 75,100 in Greater Moncton in November while the unemployment rate dropped to a record low of 3.6 per cent. As a result, employers will continue to recruit from outside the region to fill new positions. The fact Moncton continues to offer one of the most affordable housing markets in Canada also helps make it a destination of choice for many Canadian families and immigrants.

"All these factors will lead to solid migration levels, allowing us to maintain the pace as one of the fastest growing communities in Canada and to sustain housing demand for both new and existing homes," said Ben Champoux, business development specialist for the City of Moncton.

Looking ahead, all indicators lead city officials to believe 2009 will be another solid year for the construction sector. Large condominium projects in the downtown, the second phase of the athletics stadium on the campus of l'Université de Moncton, the Mapleton Retail project at the Power Centre, a new provincial courthouse and schools, as well as the other two major buildings of the Casino Complex on Mountain Road are already in the works for 2009.

"Despite worldwide economic slowdown, consumer confidence remains strong in Moncton. The many major projects already in the pipeline clearly indicate that 2009 will be another year we can add to our series of banner years in the construction sector," said Champoux.

2008 construction project highlights include: construction of the new strip mall at 1224 Mountain Rd. valued at $1.3 million; construction of the new St. Hubert's restaurant on Carson Drive valued at $1.8 million; construction of the new Shopper's Drug Mart on Vaughn Harvey Boulevard valued at $1.8 million; construction of Buildings A and C, the first of the new Mapleton Retail complex on Mapleton Rd, valued at $5.4 million; the city's new water storage facility on Twin Oaks Drive, valued at $3.3 million; foundation for a 78-unit motel on Mountain Road, valued at $2.5 million; foundation for the three-storey federal government building on Weldon Street valued at $4.8 million; foundation for Dr. John McManaman's office building on Mapleton Road valued at $2.7 million; and the foundation of the hotel of the Casino Complex on Mountain Road valued at $10.6 million.