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Description Economic activity directed to the creation, renovation, repair or extension of fixed assets in the form of buildings, land improvements of an engineering nature and other such engineering constructions as roads, bridges, dams (14, para. 15). New construction refers to site preparation for, and construction of, entirely new structures and/or significant extensions to existing structures whether or not the site was previously occupied. Within this class of construction, further distinctions may be made by the following categories: residential buildings, so classified when more than half of the floor area of the building is intended for dwelling purposes; non-residential buildings (all buildings not classified as residential) (14, para. 73).
Source United Nations, International Recommendations for Construction Statistics. Statistics Division, Series M, No. 47, Rev. 1 (United Nations publication, Sales No. E.97.XVII.11).
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