Residential Sector Boosts Construction Works in 2018 Q4

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The surge in residential buildings boosted the country’s construction activity by 21 percent in the last quarter of 2018, said the Philippine Statistics Authority (PSA).

According to the Approved Building Permits report of the PSA, the construction statistics for the fourth quarter of the previous year revealed that construction works reached 40,369 as compared to the 33,445 in 2017 during the same quarter.

Majority of the projects were residential buildings, taking up 73.9 of the 29,845 total. Compared with the fourth quarter of the previous year, the number of residential construction was 26 percent higher.

Non-residential projects also grew by 12 percent year-on-year in the fourth quarter of 2018 to 5,491 projects of 13.6 percent of the total. The growth was due to increased construction for institutional, industrial, and commercial sectors.

During the quarter, the top five regions in terms of the number of projects collectively comprised 65.2 percent of the total.

CALABARZON accounted for the biggest share with 10,243 projects or 25.4 percent of the total. Central Visayas recorded 5,569 construction activities, a share of 13.8 percent to the total.

Other regions were Central Luzon with 4,411, National Capital Region (NCR) with 3,114 and Davao Region with 2,966.

At the provincial level, the provinces of Cavite, Cebu, Bohol, Davao Del Sur, Batangas, Negros Oriental, Laguna, fourth district of NCR, Negros Occidental and Misamis Orientalaccounted accounted for 49.1 percent of the total construction in the fourth quarter of 2018. It became cheaper to build residential units in the last quarter of 2018 as the average cost per square meter of residential constructions fell by 1.6 percent to P10,603 from the average cost of P10,777 in the same quarter the previous year.

Source: Philippine Star


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