An increase in the value of work put in place for residential construction projects has not translated into more residential units being completed when compared to previous years.

Government's Quarterly Bulletin of Statistics for the fourth quarter of 1999 shows $6.9 million worth of work was put into residential construction projects during this period as compared to $4.9 million over the same period in 1998.

But 50 residential units were completed during the last quarter of 1999 as compared to 61 units in the last three months of 1998.

And the year-end figures show the value of work in the residential area in 1998 hit $16.6 million while in 1999 this figure reached $21.2. However, 218 residential units were completed in 1998 and 190 were done last year.

Of last year's total, 14 were studio apartments, 67 were one-bedroom units, 58 were two-bedroom units and 51 were three-bedroom or more. Across the construction industry as a whole, the steady work pace was maintained during the last three months of 1999 with an estimated $35.3 million worth of work done, noted the Bulletin.

In the fourth quarter of 1998 this figure hit $31.3 million and over the first three quarters of the year reached $36.6 million, $34 million and $39 million.

Strong showings throughout last year took the total estimated value of work put in place to $144.8 million, the highest figure recorded over the past four years.

The value of new projects started up during 1999 amounted to $157.2 million, also the highest figure recorded in the past four years.

Last year's figures in these two categories were $124.8 million and $111.9 million respectively. The Bulletin noted: "Commercial building construction was the hub of activity accounting for 56 percent of the completed work.

"This included major construction projects such as the Exel House, Ace Insurance and the Bank of Bermuda Limited.'' And in a positive note for Bermuda tourism, $6.6 million worth of work was done on hotels and guest houses as compared to nothing at all in 1998, $2.1 million in 1997 and $3.9 million in 1996. Industrial plant and other construction work also showed a remarkable boost with the value of work done leaping from $500,000 in 1998 to $11 million last year.

Less value of work, in comparison to 1998 figures, was seen in the areas of road, bridge and airport construction which fell from $13.8 million in 1998 to $10.3 million in 1999 and school, hospital and community centre work which slipped from $30.7 million in 1998 to $16.2 million in 1999.

BUSINESS BUC