Company formations up Housing stock rising Boom in imports Spending on construction slipped and the number of companies set up in Bermuda rose over the final quarter of 1997, Government statistics released yesterday show.

The Bermuda Quarterly Bulletin of Statistics for the final three months of last year also highlight inflation's drop and the climb in retail sales.

Forty units were added to the stock of residential dwellings over the final quarter of 1997. The addition raised the total number of residential completions for the year to 146 -- 39 fewer than the 185 completions in 1996.

And construction spending by both Government and private sectors for major projects was valued at $26.9 million during the fourth quarter of 1997, a 0.7 percent drop year-over-year.

The ongoing construction work at CedarBridge Academy, the Waterfront and the Atlas Building dominated the industry over this period. New projects started over these three months were valued at $5.4 million.

The statistics also highlighted that 301 new businesses were formed in the international sector during the fourth quarter of 1997, 33 less than those in the corresponding period of 1996.

There were 60 new registrations in the local sector over the same period, 16 more than in the final quarter of the previous year.

And both sectors had more companies in operation at the end of quarter compared to the same period in 1996.

Residents and businesses imported $619.3 million worth of goods into Bermuda during 1997, an increase of 8.8 percent over the previous year. Commodity imports increased in all categories.

About $42.9 million worth of items in the clothing category were imported during 1997, an increase of 27 percent over 1996. About $58.7 million worth of items in the chemicals category were imported, a gain of 21.2 percent. A total of $111.3 million worth of machinery was landed, a gain of nine percent. In the finished equipment category $105.2 million worth of goods was imported, a gain of 6.6 percent. Food, beverages and tobacco accounted for $125 million of imports -- the largest category -- a growth of four percent.

Transport equipment spending on imports rose by less than one percent to $37.3 million. In the miscellaneous category spending on imports rose by three percent to $161,000.

The majority of imports $457.8 million, or 74 percent, came from the US. About $35.8 million came from Canada, $29 million from the Caribbean, and $28.5 million from the UK.

Imports from Canada jumped in the fourth quarter 1997 to $12.8 million, compared to $6.1 million in the previous quarter and $4.4 million. Imports probably rose due to the weakness of the Canadian dollar making goods less expensive for importers. The Canadian dollar plunged to about 68 to 69 cents to the US dollar during the fourth quarter 1997. Retail sales on increase UNDER CONSTRUCTION -- An aerial view last year of the new CedarBridge Academy, one of Bermuda's major construction projects in recent times.