Construction activity slows in Q4 – PSA
Building activity slowed down in the fourth quarter of 2019 as fewer residential units were built, according to the Philippine Statistics Authority (PSA).
Preliminary results of the latest Construction Statistics from Approved Building Permits for the Fourth Quarter of 2019 showed a 7.7 percent drop in the total number of constructions to 37,256.
By type of construction, residential units still made up the majority of the construction projects during the quarter (69.4 percent) but the number of projects fell by 13.3 percent year-on-year to 25,869.
The number of non-residential constructions rose by 14.5 percent to 6,289 projects, making up 16.9 percent of the total. Most of these projects were commercial buildings.
Additions to existing structures were also higher by 9.1 percent at 1,337 projects in the last quarter of 2019.
On the other hand, the number of construction for alteration and repair of existing structures declined by 1.2 percent to 3,761.
It became more expensive to build both residential and non-residential buildings in the fourth quarter of 2019 as the average cost per square meter rose by 12 percent and 5.7 percent year on year, respectively.
Majority of the construction activity during the fourth quarter of 2019 was concentrated in CALABARZON, Central Visayas, Central Luzon, Ilocos Region, and National Capital Region.
At the provincial level, building activity was strongest in Cavite, Cebu, Laguna, Batangas, and Bohol.