Construction activities up 10% in Q1
Credit to Author: ANNA LEAH E. GONZALES| Date: Fri, 07 Jun 2019 16:21:43 +0000
BUILDING activities in the country grew by by 10.4 percent in the first three months of 2019 on the back of increased residential and nonresidential construction, according to the Philippine Statistics Authority (PSA).
In a report, the state-run statistics agency said the total number of constructed structures from approved building permits rose to 39,762 in January to March from 36,002 in the same period last year.
Residential-building construction activities, which accounted for about 69.2 percent of the total, increased by 8.5 percent to 27,582 in the quarter from 25,362 a year ago.
PSA attributed this growth to the rise in single-type houses.
Nonresidential construction activities, which accounted for 16.2 percent of the total, also grew to 6,449 in the period, up 15.4 percent from 5,587 previously.
Increases in the number of institutional, industrial and commercial buildings were credited for the surge.
Additions to existing structures, the PSA said, jumped by 22.2 percent to 1,580 in the three months from 1,293 in the same period in 2018.
The number of alterations and repairs of existing structures likewise increased to 4,205, a 11.8-percent improvement from 3,760 last year.
In terms of the number of constructions, the top five regions were Regions 1 (Ilocos), 3 (Central Luzon), 4A (Cavite, Laguna, Batangas, Rizal and Quezon provinces, or Calabarzon), 7 (Central
Visayas) and 11 (Davao Region).
In terms of value, construction actitivies also grew by 13.8 percent to P115.8 billion in the quarter from P101.7 billion in 2018.
The average cost per square meter of residential constructions declined by 16.3 percent from P12,682 to P10,621, due to decreases in the average cost of residential condominiums, duplexes/quadruplexes, apartments and other residential buildings.
The average cost per square meter of nonresidential constructions, in contrast, increased by 15.8 percent to P10,668 from P9,210 because of the higher average cost of commercial, institutional and industrial buildings.
The post Construction activities up 10% in Q1 appeared first on The Manila Times Online.