Despite the strong growth in construction projects, the total value of construction declined 3.8 percent in the third quarter, according to the Philippine Statistics Authority (PSA).
In its preliminary findings, PSA total construction value declined to only P77.2 billion in the third quarter of 2016, from P80.2 billion in 2015.
“The decreases in the construction value of duplex/quadruplex [-49.8 percent] and residential condominiums [-33.2 percent] pulled down the total value of residential constructions,” PSA said.
Total value of residential constructions estimated at P39.7 billion dropped by 3.6 percent, from P41.1 billion recorded during the same quarter of 2015.
Similarly, construction value of nonresidential buildings amounting to P31.8 billion posted a 7.1-percent drop, compared with P34.3 billion registered during the third quarter of 2015. This was mainly due to the decrease (-24.1 percent) in the construction value of commercial buildings.
On the other hand, addition to existing structures valued at P1.1 billion grew 22.4 percent, compared with P0.9 billion recorded in 2015.
Alteration and repair of existing structures estimated at P4.6 billion rose 17.9 percent, from P3.9 billion recorded during the same period in 2015.
In terms of value of construction, the share of the top 3 regions amounting to P42.6 billion comprised more than half (55.1 percent) of the total.
The National Capital Region, ranking third in the number of constructions, remained highest with construction value estimated at P20.2 billion, or 26.1 percent of the total.
This was followed by Calabarzon and Central Visayas with respective shares of P13.4 billion (17.3 percent) and P9 billion (11.7 percent).
The total construction projects in the third quarter reached 35,684, based on the approved building permits. This represented a growth of 18.4 percent, from 30,126 in the same period in 2015.
Residential constructions grew 19.2 percent to 26,896 in the third quarter, from 22,562 in the same period of 2015.
Nonresidential constructions reached 4,641 projects in the third quarter of 2016, a 27.3-percent growth from 3,647 in the same period in 2015.