CEBU infused some P8.22 billion into the booming construction sector, being the second top Philippine province with the most number of building projects in the fourth quarter of 2019.
Cebu approved a total of 2,025 constructions last quarter, accounting for 5.4 percent of the total projects nationwide, data from the Philippine Statistics Authority (PSA) showed.
Majority of approved projects in Cebu were residential, totaling to P3.08 billion. While non-residential constructions amounted to P4.49 billion.
Central Visayas also ranked as the second top region with most constructions to 4,880, taking a 13.1 percent share the country’s building boom.
Constructions in the region last quarter soared to P12 billion in value, accounting for a 10.7 percent share nationwide.
Among the provinces, Bohol also landed the fifth spot, with 1,615 constructions, taking a 4.3 percent share.
Efren Carreon, regional director at the National Economic and Development Authority in Central Visayas, said the bustling construction industry can be attributed to the sustained demand for residential and commercial properties and the government’s infrastructure buildup.
“We foresee a sustained strong performance by the construction sector in 2019,” the Neda official said.
The government is yet to release regional economic growth data for 2019.
Growth in the construction business is seen to be driven by the rising demand for residential, office and retail spaces.
The tourism boom and the continued expansion of the business process management (BPM) industry will also drive the construction sector.
In 2018, the Central Visayas economy rose 7.6 percent, boosted by key growth drivers such as tourism, BPM and construction, among others.
Nationwide, constructions during the fourth quarter reached P111.6 billion.
Construction statistics are gained from approved building permits as well as from the demolition and fencing permits collected every month by PSA from local building offices.
The total number of constructions in the fourth quarter last year dropped 7.7 percent to 37,256. Their value also fell 8.8 percent from P122.4 billion in the comparable period.