Construction spending rises 20.9 percent
The total value of building construction put in place during the first quarter of 2002 was estimated at $52.6 million.
This emerged from the quarterly bulletin of statistics for the first quarter of 2002, released by Government Information Services yesterday.
Construction spending increased a strong 20.9 percent year-over-year and residential development in the private sector continued to be the hub of activity accounting for 30 percent of the total completed work.
Other building activity included work carried out at the Palmetto Bay hotel, the Fairmont Hamilton Princess and the Berkeley Senior School
There was also infrastructure development and improvements to major roads and the ferry docks during the first quarter of this year.
The total value of new work put in place for the first quarter 2002, was estimated at $5.8 million compared to $94.5 million for the same period in the year before.
The total number of residential dwelling units completed in the first quarter of 2002 was 71 compared to 55 for the same period in 2001.
Also in the bulletin of statistics:
Visitor Arrivals and Expenditure
While the number of visitors arriving by air in the first quarter of this year increased marginally by 2.8 percent compared to the first quarter of last year, expenditure by these visitors increased 12.9 percent compared to the year before.
Statistics that will cheer the Island's tourism industry included total estimated expenditure by air visitors of $40.3 million, 12.9 percent above the level recorded in the first quarter of 2001 of $36 million.
Expenditure on accommodation and food rose by 13.9 percent to $24.6 million while outlays on shopping, entertainment and transport increased 11.3 percent to $15.7 million.
Air arrivals for the opening quarter of 2002 rose a modest 2.8 percent year-over-year to 41,322 visitors which represented an increase of 1,146 stay over guests. While the number of visitors from the US and Canada fell, the UK market experienced an increase of 1,304 visitors.
Reported occupancy levels for all major types of tourist accommodations were below the levels reached in the first quarter of 2001 with the exception of resort hotels. The larger hotels catered to 1,495 more guests than in the same period last year, while the smaller tourist hotels and housekeeping units experienced a decline of 6.9 percent or 590 visitors and 16.8 percent or 404 guests respectively.
Employment in the hotel industry also increased from 2,727 people in the first quarter of 2001 to 2,893 in the first quarter for 2002.
Resident Trips/Purchases Abroad
Bermuda residents took a total of 27,307 trips during the first quarter of 2002, 174 more than in the same period in 2001. Of this total, 24,066 or approximately 88 percent were vacation trips.
International and local business travel declined during the quarter as the number of trips contracted by 13 percent and 12.7 percent respectively.
The US continued to be the country of choice for overseas travel with 19,140 trips or roughly 70 percent of all trips in the quarter being taken to that destination.
The level of overseas spending during the quarter rose 4.8 percent year-over-year and residents declared purchases of goods through HM customs worth an estimated $7.5 million.
Residents reported higher spending levels for household furnishings, furniture & appliances, tapes records and compact discs, jewellery and watches, electronic & photographic equipment, and computer and hardware and software supplies.
In contrast residents spent less on toys and sports goods, clothing and footwear and tools, machinery and parts.
Total imports to the Island increased marginally from $719.98 million in 2001 to $720,61 million in 2002.
