September 24, 2024 | 12:00am
MANILA, Philippines — Construction projects in the country registered declines both in terms of number and value in July from a year ago, according to the Philippine Statistics Authority.
Preliminary data released by the PSA showed that there were 14,343 construction projects from approved building permits in July this year, 2.4 percent lower than the 14,689 recorded in the same month last year.
The value of construction projects also dropped by 14 percent to P41.21 billion in July this year from the previous year’s P47.95 billion.
Residential projects accounted for 67.3 percent of the total construction projects in July.
There were 9,652 residential projects in July, down by 2.9 percent from 9,944 projects in the same month a year ago.
The value of residential projects in July dipped by 10.5 percent to P15.97 billion from P17.85 billion in the same month in 2023.
Meanwhile, the number of non-residential projects went up slightly to 2,907 in July from 2,903 in the same month last year.
The value of these projects dropped by 16.9 percent to P21.41 billion in July from P25.77 billion in the same month of 2023.
Permits for additions or any construction involving increases in the height or area of an existing building, also decreased by 7.6 percent to 500 in July from 541 in the same month of the previous year.
In terms of value, these projects rose by 21.6 percent to P438.30 million in July from P360.35 million in the same period a year ago.
Alterations and repairs of existing structures increased by 2.5 percent to 993 projects in July from 969 projects in the same month of 2023.
The value of alterations and repairs decreased by 18.4 percent to P3.07 billion in July from P3.76 billion in the same month last year.
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