By Haidee V. Eugenio
Variety Assistant Editor

THE total value of construction projects hit a 10-year low in calendar year 2006.
The value of 292 commercial and residential construction activity reached only $11.79 million in 2006, the latest data from the Department of Public Works’ Office of the Building Safety Official shows.
The $2.3 million Wax Museum of Saipan in Garapan and the $1.66 million Veterans Cemetery in Marpi were among the construction projects last year.
The 2006 data marked a 59 percent drop from the $28.89 million recorded in 2005 which saw the renovation and expansion of major hotels like the World Resort in Susupe, the Fiesta Resort & Spa in Garapan, and the Aqua Resort Club in Achugao.
Between 1996 and 2005, the annual value of constructions ranged from $11.90 million to $90.4 million, making the 2006 value of $11.79 million the lowest in a decade.
Between January and December last year, DPW issued 292 constructions permits, 167 for residential and 125 for commercial buildings, compared to 350 in 2005.
Construction permits are issued to those who plan to construct new houses or buildings, make renovations or add extensions onto existing buildings or houses.
The $11.79 million value of constructions in 2006 included $7.74 million for residential and only $3.59 million for commercial buildings, according to DPW data, which was included in the latest CNMI Quarterly Economic Indicators Report which also shows a historic low of $1.829 billion in business gross revenue in 2006.