Steady growth in the construction industry has led to an estimated $122.3 million worth of work carried out in the first nine months of 2001, according to Government statistics released this week.

This is a sixteen percent rise on the same time period in the previous year, when $105.2 million worth of work was done, and a jump of more than 30 percent compared to the same time frame in 1998 when $93.5 million worth of work was carried out.

Of that figure 23.9 percent was work carried out in the public sector, the rest, $93.1 million, was private sector.

The total value of building construction put in place during the third quarter of 2001 was estimated at $32.2 million, an increase of 5.2 percent compared to the same period a year earlier.

According to the Statistics Department's quarterly report, the increase was evenly spread over both the commercial and residential building sectors.

New projects during the period totalled $106 million, up substantially from the year before, when this figure stood at $75.6 million.

The first quarter saw the bulk of the new work, with $94.5 million recorded, the second quarter fell to $7.1 million and the third quarter it fell again to $4.4 million.

Residential buildings accounted for $33.3 million worth of work and amounted to 27 percent of the total cost of the buildings built in the nine month period. During the third quarter $9.4 million of work was carried out on houses and apartments.

The report said: “The major boost to residential construction was the ‘100 Homes Project' being developed by the Bermuda Housing Corporation.”

But it was the corporate sector that has really kept the industry booming with $47.4 million worth of work was carried out on offices, shops and warehouses.

It is the largest spending sector which took in 38.8 percent of the total work in the first three quarters of 2001. But it eased off during the year, starting with $19.3 million and $18.3 million worth of work carried out in the first and second quarters, but dipping to $9.8 million in the third quarter.

The report said: “The commercial building projects included ongoing work carried out at XL House and the Ace Insurance complex, however this activity eased of during the quarter, slowing the growth in commercial construction.

Construction on hotels and guest houses was estimated at $4.6 million for the quarter, a drop from the second quarter when $6.8 million was spent, but an increase from the same period last year when $3.7 million worth of work was carried out.

Work carried out on roads, bridges and airports accounted for $2.2 million and industry, plant and other just $100,000 worth of work is registered in the estimate.

The amount of money earned by people working in the sector also dipped in the third quarter after having peaked at $31.861 million for the second quarter of 2001. It is recorded as $29.303 million and it the seventh largest earner on the Island.