The construction industry saw revenue double for the third quarter of 2011 as compared to the same time period the year prior.According to the Quarterly Bulletin of Statistics released this month, construction revenue increased for residential projects, up 156.4 percent; office buildings, up 137.1 percent and a public works project, up 733.3 percent between July and September 2011 over the same period in 2010.According to Charles Dunstan, president of the Construction Association of Bermuda, the public works project revenue, which generated $15 million in the third quarter, was driven by the project at the King Edward Memorial Hospital. Construction of the hospital is expected to be completed in 2014.The office building sector, which generated $14.7 million in the third quarter, was most likely driven by construction activity at the site of the old Waterloo House on Pitts Bay Road, said Mr Dunstan.The five-storey office and residential development financed and developed by the Green family and being constructed by D&J Construction, is on schedule to be completed by the summer of 2013.“We’re lucky to have developers willing to put their money on the table and invest in the future of Bermuda,” he said.Improved residential project could be partly be attributed to homeowners taking note of competitive pricing.“People are taking advantage of the aggressive pricing out there, they know companies are hungry for business,” he said. “Companies are having to go after business instead of waiting for it to come to them. Just like the retail sector, we have to offer deals in order to stay in business and keep people employed.”Overall, the third quarter of 2011 brought in $47.7 million to the industry, compared to $21.4 third quarter last year.While the numbers look positive, Mr Dunstan states that they don’t paint accurate picture of the current industry environment.“As much as the hospital is a big project, it’s not going to support the entire construction industry,” he said.He added that large commercial projects have dried up and there isn’t much on the horizon.“There’s not a lot of business to be had,” he said. “You don’t see a lot of new commercial buildings in Hamilton. I don’t see an upturn happening anytime soon. If you talk to real-estate agents there’s a glut of office space available, however, some companies are moving to other places if they find better rent deals and that can create some business in terms of interior refitting.”There are scant large public works projects coming down the pipeline this year, says Mr Dunstan, and he isn’t optimistic about government spending.“Unfortunately, during this time of an economic downturn, Government hasn’t had the money to spend on public works projects, usually the saving grace in a recession,” he said.The Association, he added, has been working behind the scenes with Government on economic stimulus initiatives.“That’s the only way to turn things around; by everyone coming together and coming up with short and long-term solutions,” he said.