Bermuda's construction boom shows no signs of slowing down, according to the Quarterly Bulletin of Statistics recently released by Government.

However, Bermuda residents hoping for housing relief from an increased supply may be saddened to learn that new commercial buildings are fuelling the construction boom, while growth in new residential units continues to decline.

While figures for the fourth quarter of 2004 are not yet available, gross additions to the stock of residential units was 254 in 2001, 242 in 2002 and 194 in 2003.

Comparing the first three quarters for each year, in 2001, 193 units were added, 191 in 2002, 134 in 2003, and 183 in 2004.

The Government figures show that the estimated value of residential projects put in place is also declining.

From a high of $72.7 million worth of new projects in 2002, the figure has steadily declined to $71.4 million in 2003 and $66.8 million in 2004.

While residential construction may be cooling, the figures show an increase of almost $40 million in new office, shop and warehouse construction projects from $43.8 million in 2003 to $83.2 million in 2004. The four year low in this sector was $18.3 million in 2002.

Imports of basic materials and semi-manufactured goods also reflect the growth in the construction industry, increasing to $144 million in 2004 compared to $106 million in 2003.

Imports of machinery also increased significantly, from $141 million in 2003 to $180 million in 2004.

There was also a $12 million increase to $64 million in transport equipment imported into Bermuda from 2003 to 2004 and a $17 million increase to $143 million in finished equipment from 2003 to 2004.

Other sectors experiencing strong growth included hotels and guest houses with the estimated value of work put in place increasing from $6.9 million in 2003 to $31.6 million in 2004.

Industrial plants and other similar construction projects almost doubled from $3.8 million in 2003 to $6.3 million in 2004.