Q1 building permit approvals up

THE NUMBER of approved building permits continued to grow in the first quarter albeit at a slower rate compared to a year earlier as well as a quarter earlier, the government reported yesterday.

ccording to preliminary results from the Philippine Statistics Authority, the number of construction permits rose 2.6% from a year earlier in the first quarter to 36,002. The growth rate is lower than the 3.6% booked in the preceding quarter and the 7.1% posted in the first three months of 2017.

These construction projects were equivalent to 8.569 million square meters of floor space, up 11.6% year on year, with the value of the construction amounting P101.729 billion, up by about a third from a year earlier.

Residential construction approvals, which accounted for 70.4% of the total approved building permits in the first quarter, declined by 1.2% from a year earlier, though on a value basis construction amounted to P64.439 billion, up 70.6% from a year earlier.

Single- detached homes accounted for 21,776 permits, followed by apartments at 3,109. Duplexes and quadruplexes numbered 379 while condominiums and other residential projects were 44 and 54, respectively.

Permits for non- residential construction increased 11.8% to 5,587 and the corresponding projects were valued at P31.099 billion with a floor area of 3.377 million square meters. Within the category, commercial building permits were up 20.2% yearon-year at 3,579 and institutional building permits rose 13.3% to 1,081.

Region IV- A ( Calabarzon) topped the regions with 8,199 in approved construction permits, with 6,129 of them residential.

Region VII (Central Visayas) and Region III (Central Luzon) followed with 4,333 and 3,589 permits, respectively. Approved non-residential projects in these regions numbered 614 and 735, respectively.

Among the provinces, Cavite had the most number of approved permits, comprising 10.9% of the total or 3,934. Cebu had a 5.1% share or 1,844 while Batangas accounted for 4.3%, equivalent to 1,546.

In terms of value, the National Capital Region (NCR) had projects amounting P36.439 billion, with P31.696 billion representing residential construction, notably mostly condominiums which were valued P27.416 billion. The value of non-residential projects in the region during first quarter was P2.436 billion.