A method is provided for conducting measurements of a borehole while drilling the borehole in a geological formation. First, a rotatable drilling assembly is provided that has, at a forward end, a drill bit and a borehole measurement tool connected rearward of the drill bit. The measurement tool includes at least one caliper arm extendible outward from the measurement tool. The method involves drilling the borehole by operating the rotatable drilling assembly. While drilling, the wall of the borehole is contacted with at least one extendable caliper arm of the borehole measurement tool and the extension of the caliper arm contacting the borehole wall is measured, thereby determining a distance between the measurement tool and the borehole wall. During rotation of the drilling assembly, contact is maintained between the caliper arm and the borehole wall and the measuring step is repeated at multiple positions of the drilling assembly.