The total value of construction projects posted a double-digit growth in the last quarter of 2016, according to government data released on Wednesday.
The Philippine Statistics Authority (PSA) said the value of construction projects in the October-to-December period last year reached P82.4 billion, a 20.2-percent growth from P68.6 billion in 2015.
The PSA said the total value of construction refers to the sum of the cost of building, electrical, mechanical, plumbing and others.
“The value is derived from the approved building permit and represents the estimated value of the building or structure when completed,” the PSA said.
The double-digit growth in total construction value was mainly due to the 58.3-percent growth in the value of residential constructions.
The construction of residential condominiums, apartments, single-detached houses and other housing units were valued at P47.5 billion in 2016, higher than the P30 billion in 2015.
Further, alteration and repair of existing structures valued at P5.2 billion, a 45-percent increase compared with P3.6 billion recorded in 2015.
The growth in these sectors were more than enough to compensate the 4.4-percent decline in the value of nonresidential construction projects and 36.7- percent drop in the value of addition to existing structures.
The value of nonresidential construction projects for industrial, institutional, commercial and other buildings declined to P29 billion in the last quarter of 2016, from P33.9 billion in 2015.
The construction of additions to existing structures only amounted to P700 million in the October-to- December period in 2016, from P1.1 billion in the same period in 2015.
Nationwide, the combined construction value of the top 5 regions amounted to P61.7 billion, which comprised 74.9 percent of the total.
Metro Manila or the National Capital Region (NCR) remained highest in terms of value of construction estimated at P30.3 billion, or 36.7 percent of the total.
This was followed by Calabarzon and Central Visayas with construction value of P13.7 billion, or 16.6 percent; and P7.6 billion, or 9.3 percent of the total, respectively.
Central Luzon with construction value of P6.1 billion, or 7.4 percent; and Negros Island region, with P4 billion, or 4.9 percent of the total, placed fourth and fifth, respectively.
In the last quarter of the year, there were a total of 32,282 in 2016. This was only a 2-percent growth from the 31,638 constructions during the same quarter of 2015.
Residential constructions also grew by 2 percent to 24,752, from 24,274 in 2015, while nonresidential constructions numbering to 3,981 posted 7.1-percent increase from 3,717 in 2015.
