PSA data showed that total private construction value dropped to P333.2 billion in 2017, from P378.9 billion in 2016. This, despite a 2.7-percent increase in the total number of construction projects last year.
Data from the PSA showed that the value of residential condominium construction projects fell by 41.8 percent to P44.07 billion in 2017, from P75.67 billion in 2016. The number of these projects also contracted by 34.9 percent to 114 projects in 2017, from 175 projects in 2016.
“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 contraction in the number and value of residential condominiums also affected the growth of residential constructions in general.
PSA data showed the value of residential constructions contracted 12.5 percent in 2017 to P164.15 billion, from P187.6 billion in 2016. The number of projects also declined by 1.9 percent to 110,942 in 2017, from 113,097 in 2016.
The majority, or over 70 percent, of these residential condominium projects are in Metro Manila. Out of the 114 projects, around 80 are located in the National Capital Region.
Of the total amount of residential condominium projects, around P35.3 billion is allocated for projects in Metro Manila.
The bulk of the projects are in the Fourth District of Metro Manila, which includes Las Piñas, Makati, Muntinlupa, Parañaque, Pasay, Pateros and Taguig.
Half of the residential condominium projects in Metro Manila are in the Fourth District, which amounts to P23.26 billion in 2017.
The data provides updates to the 2017 Quarterly Special Releases on construction statistics. The sources of updates are additional approved building permits collected after cut-off dates because of data collection constraints.
Construction statistics are obtained from approved building permits covering proposed projects to be constructed in all cities/municipalities of the country in a specific period.