Total value of construction projects grew 45.4% in Q3 2018–PSA data

THE total value of construction projects grew 45.4 percent in the third quarter of 2018 on the back of the growth of residential construction projects, according to the Philippine Statistics Authority (PSA).

Based on PSA’s preliminary data, the value of construction projects reached P104.8 billion in the third quarter of 2018, from P72.1 billion in the same period of 2017.

Nearly half of the value was taken up by residential construction, which has reached P48.5 billion. However, the growth of the value of construction, for nonresidential buildings was faster at 52.8 percent year-on-year.

“Construction statistics are compiled by PSA from the copies of original application forms of approved building permits, as well as from the demolition and fencing permits, collected every

month by PSA field personnel from the Offices of Local Building Officials nationwide,” PSA said.

Residential constructions grew 32.9 percent, from P36.5 billion recorded during the same quarter of 2017.

The growth was attributed to the increase in construction values of residential condominiums at 67.6 percent; apartment/accessoria, 40 percent; single-type houses, 17.2 percent; and duplex/quadruplex, 14.6 percent.

The value of construction for nonresidential buildings amounted to P47.1 billion in the third quarter of 2018, higher than the P30.8 billion recorded in the same period of 2017 attributed to the double-digit increase in the construction values of commercial, or 80.3 percent; industrial, 51.7 percent; and institutional, 24.2 percent, type of buildings.

Data also showed that construction values for addition to existing structures stood at P1.6 billion, an increase of 60.1 percent, from P1 billion posted in the same period of 2017.

The combined construction values of alteration and repair of existing structures, estimated at P7.7 billion, increased by 101.0 percent from the registered value of P3.8 billion in the same quarter of 2017.

In the third quarter, there were a total of 42,111 construction projects recorded nationwide. This was a 16.7percent-growth from the 36,076 constructions recorded during the same quarter in 2017.

The number of residential building constructions reached 30,638, or 16.8 percent increment, from the 26,227 projects reported during the same period of 2017.

Nonresidential constructions grew 14.4 percent to 5,983 projects, from the 5,231 projects recorded during the same period of previous year.

Additions to existing structures increased by 23 percent with 1,447 projects, from 1,176 recorded during the same period of 2017.

The PSA said the preliminary data on construction statistics from approved building permits for the third quarter of 2018 were generated 60 calendar days after the reference quarter.

Data from the provinces of TawiTawi, Sulu and Lanao del Sur were not included in the tabulation as these provinces did not submit any approved building permit before the generation of preliminary tables. However, if there are any, these are to be included in the annual tabulation.

₧104.8B The value of construction projects recorded by the PSA from July to September 2018, from P72.1 billion in the same period of 2017.