Construction activities decline by 15.5% in March

Construction activities decline by 15.5% in March

CONSTRUCTION activities in March dropped to 15.5 percent, reaching 13,320 from the 15,764 total number of constructions in the same month last year.

According to data from the Philippines Statistics Authority, residential buildings had the highest number of constructions in the month, totaling 8,964 and accounting for 67.3 percent of all constructions. This represents an 18.1 percent annual decrease from the previous year’s figure of 10,949 constructions. The majority of these residential constructions were single-type houses, numbering 7,743.

Meanwhile, the non-residential type of construction was the second highest in terms of number of constructions at 3,105, down 6.1 percent. Most of the non-residential constructions were commercial buildings with 2,210 constructions.

In March 2024, the total value of constructions amounted to P34.07 billion, reflecting a drop of 24.3 percent from the P45 billion value of constructions posted in the same month of the previous year.

Non-residential building constructions were valued at P16.37 billion, making up 48.1 percent of the total construction value for the period. This marks a 24.5 percent decrease from the P21.69 billion recorded in the same month of 2023. Among these non-residential constructions, commercial-type buildings had the highest value, amounting to P8.08 billion.

On the other hand, the construction value of residential buildings in March 2024 totaled P15.06 billion, accounting for 44.2 percent of the overall construction value. This represents a 23.4 percent decline from the P19.66 billion recorded in the same month the previous year. Among residential buildings, single-type houses had the highest construction value at P11.18 billion.

The average construction cost for the month, excluding those for alteration and repair, and other non-residential, was recorded at P11,142.74 per square meter. This was 11.4 percent lower than the average cost of P12,576.76 per square meter in March last year.

By type of construction, residential buildings had the highest average cost of P11,812.95 per square meter during the month followed by non-residential constructions with P10,602.23 per square meter.

Among residential constructions, residential condominiums posted the highest average cost of P28,915.49 per square meter during the period, while other residential recorded the lowest average cost of P5,686.42 per square meter.

Across non-residential constructions, institutional-type buildings reported the highest average cost of P11,690.39 per square meter. On the other hand, agricultural-type buildings registered the lowest average cost of P4,503.11 per square meter. / KOC

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