The value of building permits issued by towns and cities surged to $5 billion, Statistics Canada said today.

There were strong gains in both the housing and non-housing sectors as the value of permits rose by 9.3% from October.

The value of housing permits totalled $3.1 billion, up 3.5% from October.

“In the non-residential sector, contractors took out permits worth $1.85 billion, a 20.8% increase from October. This level was the second highest during the past 15 years, surpassed only by intentions worth $1.91 billion in June 2004,” StatsCan said.

The government agency said it expects 2004 will set an annual record for the value of permits issued.

“The cumulative value so far for 2004 is just $252 million short of the total value of $50.8 billion for all of 2003, which was a record,” it said. “Consequently, the value of building permits will reach a new annual peak in 2004.”