THE number and value of construction projects in the Philippines from approved building permits declined in June, the Philippine Statistics Authority (PSA) said in a report on Thursday.
Construction projects totaled 13,170 — down by 9-percent drop from 14,477 projects in the same month last year. In a monthly comparison, it was also lower by 7.6 percent from 14,258 building permits recorded in May.
The value of these projects, meanwhile, amounted to P34.16 billion, up by 4 percent from P32.7 billion in June 2023 and lower than P42.3 billion in May this year.
Residential buildings comprised the majority of approved constructions at 8,933 or 67.8 percent of the total projects. They also had the highest total value at P17.04 billion.
However, residential buildings posted an annual drop of 7.5 percent from the same month of the previous year’s number of 9,655 constructions,” the PSA said.
Majority of the total residential construction work was composed of 7,377 single-type houses, valued at P10.89 billion.
Nonresidential construction projects, meanwhile, totaled 2,621 in June and was worth P13.95 billion. But the list of these projects fell by 8.3 percent compared to 2,859 in 2023.
In terms of the value of types of structures, the PSA said residential buildings had the highest average cost at P13,533.86 per square meter (sqm) in March.
This was followed by nonresidential constructions with P10,363.16 per sqm and addition to existing constructions at P10,173.49 per sqm.
On the other hand, the floor area of approved construction projects declined by 7 percent at 2.66 million sqm from last year’s 2.49 million sqm, according to the PSA.
The floor area of nonresidential constructions reached 1.34 million sqm in June, or 50.2 percent of the total area of constructions, while residential projects measured 1.26 million sqm or 47.3 percent of the total floor area of projects.
The PSA said Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) registered the highest number of construction projects with 2,811 approved building permits, while Central Luzon logged the highest value with projects amounting to P6.38 billion.
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