Bermuda's construction boom appeared to slow in the first three quarters of this year, according to statistics in the Quarterly Bulletin of Statistics recently released by Government.

The value of new projects started during the first three quarters was recorded at $51.9 million compared to $181.7 million during the first nine months of 2004.

The value of total new projects in 2004 reached $285.9 million, a strong gain on 2002 and 2003 when new projects were valued at $154 million and $195.6 million, respectively.

The figures, through the third quarter of this year show that the value of new projects were down about 90 percent compared to 2004 when strong gains were made in all but the first quarter.

New projects in the first quarter of 2005 declined 93.6 percent compared to a 58.3 percent decline during the same period a year earlier.

The second quarter saw a moderate increase (+5.7 percent) in the value of new projects compared to a 78.5 percent gain a year earlier, and by the third quarter the value of new projects again fell to 93.7 percent.

The third quarter, and most recent, statistics are in stark contrast to the 340.3 percent surge in the value of new projects during the same quarter, 2004.

While the value of construction projects breaking ground has fallen, the actual value of projects underway has largely outpaced the previous year.

First quarter activity was 46.6 percent stronger than a year prior, which was itself 34.4 percent better than the same period in 2003.

And the second quarter saw an 84.3 percent surge in the value of projects in the works, compared to 23.2 percent during the same period of 2004. Projects in the third quarter were 48.3 percent higher, slightly weaker than the 50.8 percent year-on-year gain during the same period a year earlier.

There was steady activity recorded in private sector construction during the first nine months of the year (+67.8 percent 1Q, +65 percent 2Q and 44.1 percent 3Q). And while public sector works lost ground in the first quarter (-3.5 percent), it outpaced all other activity in the second and third quarters, growing by 166.7 percent and 64.9 percent, respectively, as construction on the new Berkeley Institute and the St. George's Rest Home gathered pace.

Commercial developments during the first nine months of 2005 continued to outpace residential construction projects, in keeping with the pattern set a year earlier.

Statistics on the actual number of new residential units being added during the year have not been provided as they have been in earlier years.

Gross additions to the stock of residential units were 254 in 2001, 242 in 2002 and 194 in 2003.

For 2004, residential unit information has only been made available through the first three quarters of that year. During those periods, 40 residential units were added to existing stock.