Construction Activities Decrease
According to a report by the Philippine Statistics Authority (PSA), construction activities have dropped from April to June by almost two-thirds - 65.5 per cent to 16,004 from 46,453 during the same three months last year.
When it comes to floor area, in the second quarter, 2.5 million square metres began construction, down to 77.2 per cent from about 11 million sqm in 2019.
In terms of the value of construction, activities fell by 81.2 per cent as the P25.02 billion worth of projects was made small by the P132.89 billion reported in 2019. For the construction of new residential units, the bulk number of projects totalled 12,004 which are over 1.29 million sqm in floor area worth P`12.49 billion.
Meanwhile, nonresidential projects accounted for 2,265 with a total floor area of almost 1.2 million sqm that amounted to P11.91 billion.
The statistics of the PSA were based on approved building permits across the Philippines. This included addition, modification, and repair of existing units.