The total value of constructions in the Philippines went up by 45.4 percent from January to September this year, to P104.8 billion from P72.1 billion recorded in the same period in 2017.
According to the latest statistics from the Philippine Statistics Agency (PSA), the total number of constructions in the third quarter reached 42,111, a 16.7 percent rise from the 36,076 constructions in 2017.
Residential constructions increased by 32.9 percent, to P48.5 billion this year from P36.5 billion recorded last year, on the back of higher margins in the construction value of residential condominiums (67.6 percent), apartment/accessoria (40 percent), single-type houses (17.2 percent) and duplex/quadruplex (14.6 percent).
Among this, the number of constructions involving residential condominiums in particular jumped to a staggering 80.8 percent high.
With a total share of 65.4 percent, five top regions made up the largest chunk of the total number of constructions: Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon) sharing 25.5 percent, Central Visayas (13.8 percent), Central Luzon (11.3 percent), National Capital Region (7.9 percent) and Western Visayas (6.9 percent).
At the provincial level, Iloilo recorded the highest improvement with an 87.3 percent increase in the number of constructions, or 1,330 projects from last year’s 710.
The average cost per square meter of residential constructions, according to PSA, inched down by 3.4 percent to P9,249 per sqm, from the average cost of P9,579 recorded in 2017. The decrease was due to lower average cost per sqm of residential condominiums (27.4 percent) and other residential (16.3 percent).
Average cost per square meter of non-residential constructions, meanwhile, went up by 13.2 percent to P10,952 from P9,679. This was driven by higher average cost per meter of industrial, commercial and institutional buildings. Still, average cost per square meter of non-residential and agricultural building saw a decrease of 79.5 percent and 19.6 percent, respectively.
Construction statistics are gathered by PSA from copies of original application forms of approved building permits, as well as demolition and fencing permits collected monthly by PSA field personnel.
Data for the provinces of Tawi-Tawi, Sulu and Lanao del Sur were not included in the tabulation as they did not submit approved building permits prior to the data generation, PSA said.