The construction industry was one of the most buoyant in 2001, according to Government statistics released yesterday which showed the value of new construction projects started in 2001 had risen by over 20 percent to an estimated $174.3 million.

During 2001, the private sector spent $125.6 million on construction projects, compared to $121,9 a year earlier, a rise of three percent, figures in the Quarterly Bulletin of Statistics show.

The public sector, on the other hand, leaped during the year nearly doubling from $24.7 million in 2000 to $47.4 million in 2001.

During the final quarter of the year, construction spending by both Government and private developers was estimated at $48.7 million during the fourth quarter of the year.

Construction in the residential sector dominated the industry, with an estimated value of $14.6 million worth of work put in place during the quarter.

Construction on hotels and guesthouses increased by $5.6 million to $10.3 million during the fourth quarter of 2001 as work continued on Palmetto Bay and Grotto Bay Hotel.

During the year $26.6 million was spent on hotels and guest houses, up from $22.9 million spent a year earlier and much above the $5.3 million spent in 1999.

The year closed with an estimated $173.0 million worth of construction work completed on the Island.

New projects that started during the quarter were valued at $56.8 million. The Anglican Church of Bermuda's multi-storey office complex next to the Hamilton Cathedral and former Premier - and real estate developer - Sir John Swan's residential project on Victoria Street accounted for 54.2 percent of new projects.

In the third quarter of the year the hub of the construction activity was spread evenly across both residential and commercial building sectors.

The major boost to the residential sector was the "100 Homes Project" developed by the Bermuda housing corporation.

The number of houses built during the year has also gone up , rising from 187 in 2000 to 254 in 2001, with 95 built during second quarter of the year.

During 2001, 39 studio apartments, 80 one bedroom, 70 two bedroom and 65 three bedroom and over were added to the housing stock.

During 2001, $48.2 million was spent on residential building projects, up 35 percent from the year before when the figure stood at $35.6, and more than double the figure spend in 1999, $22.3 million.

The commercial building projects included ongoing work at XL House and its neighbour the Ace building, which this year have been drawing to a close after giving a boost to the sector for many years.

Also the building of Max Re's new headquarters on Pitts Bay Road was started during the year as the road became something of an unofficial site for insurance companies.

The amount spent of offices shops and warehouses totalled $52.6 million, down 14 percent from the year earlier when it stood at $61.2 million and well down from the $82.9 million spent in this sector in 1999.

Also started during the year was work on the new $70 million Berkeley Institute site. The schools, hospitals and community centres sector stood at $23.2 million during 2001, up 40 percent from a year earlier when it stood at $16.6 million.

Spending on "roads, bridges, airports" rose from $9 million to $15.5 million and the sector "industrial plant and other" rose from $1.3 million to $6.9 million for 2001.