THE number of construction projects from approved building permits dropped by 7.5 percent in August, while their monetary value increased by 1.1 percent in the same month last year, the Philippine Statistics Authority (PSA) reported.
There were 13,436 projects compared to 14,521 projects in the same period and also lower than the 15,099 in July 2024.
Their cost, meanwhile, totaled P43.04 billion, higher than the P42.58 billion in August 2023, but lower than the P44.16 billion in July 2024.
Residential buildings comprised the majority of the projects at 8,694, valued at P17.65 billion, or 64.7 percent of the total number for August. “It recorded an annual drop of 9.6 percent from the same month of the previous year’s level of 9,621 constructions,” the PSA noted.
Most of the 7,229 residential projects were single-type houses valued at P10.56 billion.
The 2,975 nonresidential projects significantly posted the highest value at P18.3 billion. However, the numbers fell by 3.1 percent in August compared to 3,070 in the same period last year.
The PSA report said residential buildings had the highest average cost at P12,079.06 per square meter (sqm); followed by nonresidential projects at P10,551.32 per sqm; and addition to existing constructions at P9,242.08 per sqm.
On the other hand, the floor areas went up by 1.9 percent at 3.23 million sqm, compared to last year’s 3.17 million sqm.
Nonresidential constructions measured 1.73 million sqm, or 53.5 percent of the total area of constructions, while residential projects recorded 1.46 million sqm or 45.2 percent of the total floor area in August 2024.
The PSA also noted Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) recorded the highest number of construction projects and value in August, with 3,370 approved building permits worth P12.32 billion.
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