Bermuda's construction boom is showing signs of slowing according to the latest Quarterly Bulletin of Statistics released by Government this week.

The value of new construction projects for the 2002 second quarter were not available in the latest release, but the total number of completed residential units dropped from 71 in the first quarter to 60 in the second quarter.

This years second quarter was also well below the peak of completed units in the same period last year when 95 residential units were completed.

Total additions for the first six months of 2002 amounted to 131 units, as opposed to 150 in the previous year. The downturn in construction of new residential units was reflected in all sizes of units with the exception of two-bedroom dwellings, which increased marginally by two.

Building activity for one-bedroom dwellings fell sharply during the quarter with only 13 added to the gross housing stock, 23 fewer than the number completed in Q2 2001. Other evidence that suggests the construction market is slowing can be seen by the value of imported basic materials which stood at approximately $29.2 million in the second quarter of this year compared to approximately $32.8 million in the same period in 2001.

According to the statistics, the value of residential work put in place in the first quarter of this year, estimated to be $15.8 million, was higher than any quarter since the beginning of 1999.

However, the value of new projects started in the first quarter of this year was $5.8 million which is the lowest value in at least three years.

This figure is extremely low considering the average value of new work started during each of the previous 12 quarters was $40.7 million. Excluding the $70 million Berkeley project, which inflated last year's first quarter figures to $94.5 million, the average was $34.9 million.