Cebu ranks 4th in number of construction projects

The construction boom in Cebu continues as it ranked fourth among provinces nationwide with most number of construction projects in the second quarter of 2017.

Based on latest data from the Philippine Statistics Authority, Cebu province recorded a total of 1,518 constructions based on approved building permits last quarter, accounting for 4.2 percent of all constructions nationwide.

Bohol has also showed a booming construction sector with a total of 1,109 constructions in the second quarter, ranking ninth and accounting for 3.1 percent of nationwide constructions.

In general, Central Visayas, where the two provinces belong, ranked fourth among regions with most number of construction activities in the second quarter.

Region 7, which also covers Siquijor and Negros Oriental, recorded a total of 2,667 constructions during the period, accounting for 7.4 percent of the national pie which is led by CALABARZON with a 26.3 percent share.

In terms of value of construction, the share of the top five regions amounting to P56.0 billion comprised 73.9 percent of the total.

Central Visayas ranked third in terms of construction value at P8.2 billion, accounting for 10.8 percent of the nationwide total.

The Central Visayas economy grew by 8.8 percent last year.

The region's growth last year was propelled by the 14.6 percent growth in the industry sector and the biggest contributor to this growth was the construction subsector which grew by 40 percent in 2016.

Efren Carreon, regional head at the National Economic and Development Authority, had said construction activities in Central Visayas will continue to remain upbeat in the next plan period as the private sector continued to invest in real estate development projects, coupled with high government spending on infrastructure.