year rose to $67.5 million, compared to $61.6 million in the same period last year.

Figures released by the Statistics Department reflect the freed up capital being dedicated to building projects, some of which were put on hold in recent years because of economic fears.

But a robust US economy that has exhibited steady growth and continued low inflation in recent times has buoyed interest in capital projects.

Comparative numbers of the first six months of 1996 were down to $20.3 million and lower in 1995 at $4.7 million for the same period.

Figures estimating the value of construction work put in place during the first two quarters of the calendar year for hotels and guests houses, show no significant work was accomplished. The numbers reinforce the belief that hoteliers, faced with shrinking revenue, have refused to return to the days of regular and significant upgrades to properties during the quieter months.

The first six months of 1998 in which no construction upgrades occurred, followed minor work of $2.1 million accomplished in the same period of 1997, some $2.3 million worth of work in 1996 and no work at all for the entire year of 1995.

The total amount of work accomplished in the public and private sector amounted to $61.4 million for the six month period, down from $71.1 million for the same period in 1997, but up from $35 million in 1996 and $20.3 million in 1995.

Meanwhile, 122 housing units were completed during the six month period, a substantial increase over a total of 53 for the half-year in 1997, and higher than the 103 in the 1996 comparative period. But 132 dwelling units were added to the housing stock in the first two quarters of 1995. In other figures released by the Government, 293 exempted companies were listed with the Registrar of Companies in the three months to June. It grew the register to 9,555 exempted companies, representing an increase year over year of 684 exempted companies.

The register had grown by 274 exempted companies in the first quarter of 1998.

It compared to growth of 295 and 269 exempted companies in the first and second quarters of 1997, respectively.

Local companies grew more modestly. There were 2,384 local incorporated companies at the end of the six month period, up from 2,327 three months before, and up from 2,236 at the end of June 1997.

Figures from the Employment Survey for the years 1992 to 1996 show the changing occupations of the Island's labour force. The work force grew by 500 jobs between 1995 and 1996 to 34,633.

BUSINESS BUC