The total value of residential and commercial construction increased by 21.6 percent in the second quarter of the year, according to the Philippine Statistics Authority (PSA).
Based on the preliminary data on Construction Statistics from Approved Building Permits in the April- to-June period this year, the total value of constructions increased to P123 billion from P101.2 billion in 2018.
The amount covers 43,394 construction projects, an 8-percent increase from 40,182 projects recorded during the same quarter of 2018.
“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,” PSA explained.
Data showed residential construction projects accounted for the bulk of the value of these projects at P63.433 billion.
PSA said this represented a growth of 11.3 percent from P56.989 billion in the same period last year.
The total residential construction projects reached 32,077 projects, representing a growth of 10.4 percent from 29,060 projects in the second quarter of 2018.
Nonresidential or commercial construction projects accounted for P52.22 billion of the total cost in the second quarter of 2019.
This, PSA said, was a 39.1-percent increase in cost from P37.532 billion in the same period last year.
In terms of floor area, residential construction projects developed a total of 5.186 million square meters, a 3-percent growth from 5.037 million sq m in 2018.
However, in terms of growth in floor area, nonresidential construction projects grew faster at 33.7 percent.
The total floor area developed by commercial construction projects reached 4.91 million sq m, significantly higher than the 3.67 million sq m posted in the same period last year.
Meanwhile, the top 5 regions that recorded the highest construction cost recorded a construction value of P92.6 billion, accounting for 75.3 percent of the total value of constructions.
The National Capital Region, or Metro Manila, which ranked fourth in the number of constructions, topped the list in terms of construction value worth P41.7 billion, or 33.7 percent of the total.
The top 5 regions, in terms of number of constructions, comprised 64 percent of the total constructions.
Number of constructions in Calabarzon remained highest at 10,967, or 25.3 percent of the total; followed by Central Visayas ranked second with 5,072, or 11.7 percent of total construction projects.
In the second quarter, PSA’s gross domestic product data showed private construction posted a growth of 23.1 percent. This was the highest since the fourth quarter of 2014 when private construction posted a growth of 24.1 percent.
The 23.1-percent growth in private construction was the only above 20-percent growth between the fourth quarter of 2014 and the second quarter of 2019.
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