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TUESDAY, MAY 3, 1988
OTHER ITEMS ON TOMORROW'S AGENDA INCLUDE:
*
APPROVAL OF AN ALLOCATION OF $2,090 MILLION FOR CONSTRUCTION OF THE HONG KONG UNIVERSITY OF SCIENCE TECHNOLOGY;
THE
AND
APPROVAL OF AN INCREASE IN COMMITMENT BY $352 MILLION TO $1,032 MILLION TO MEET THE INCREASED COST OF BUILDING AN EXTENSION TO THE UNITED CHRISTIAN HOSPITAL AND TO CARRY OUT REFURBISHMENT AND IMPROVEMENT WORKS AT THE HOSPITAL; AND
APPROVAL OF CAPITAL INVESTMENT UP то $10,000 MILLION BETWEEN 1989-90 AND 1993-94 IN THE HOUSING AUTHORITY.
MEMBERS WILL ALSO CONSIDER RECOMMENDATIONS OF THE PUBLIC WORKS
SUB-COMMITTEE.
FOURTH QUARTER CONSTRUCTION OUTPUT STATISTICS RELEASED
ALL
THE TOTAL GROSS VALUE OF CONSTRUCTION WORK PERFORMED BY CONTRACTORS IN THE FOURTH QUARTER OF 1987 AMOUNTED TO $14,639 MILLION, WHICH WAS 16.5 PER CENT HIGHER THAN IN THE PRECEDING QUARTER AND 30.6 PER CENT HIGHER THAN IN THE SAME QUARTER OF 1986.
THIS IS SHOWN BY THE RESULTS OF THE QUARTERLY SURVEY OF CONSTRUCTION OUTPUT RELEASED TODAY (TUESDAY) BY THE CENSUS AND STATISTICS DEPARTMENT,
WITH REGARD TO THE SUBSTANTIAL INCREASE IN THE VALUE OF CONSTRUCTION WORK PERFORMED IN THE FOURTH QUARTER OF 1987 WHEN COMPARED WITH THAT IN THE SAME QUARTER OF 1986, A SPOKESMAN FOR THE DEPARTMENT POINTED OUT THAT THIS WAS TO A LARGE EXTENT DUE TO THE SIGNIFICANT INCREASE IN CONSTRUCTION COSTS.
HE SAID THAT THERE WERE INDICATIONS FROM OTHER DATA SOURCES THAT THE INCREASE IN CONSTRUCTION COSTS COULD HAVE BEEN WELL OVER 20 PER CENT BETWEEN THE FOURTH QUARTER 1986 AND FOURTH QUARTER 1987.
HENCE, THE VOLUME OF CONSTRUCTION WORK PERFORMED, AFTER DISCOUNTING COST INFLATION, ACTUALLY GREW MUCH MORE SLOWLY THAN THE NOMINAL CONSTRUCTION VALUES REPORTED HERE. THIS POINT SHOULD BE BORNE IN MIND WHEN INTERPRETING THE SURVEY RESULTS.
/CONSTRUCTION WORK