THE number of construction activities in May 2024 reached 12,888, according to the latest report of the Philippine Statistics Authority on Aug. 7.
This translates to a decline of 15.4 percent from the 15,234 total number of constructions in the same month of the previous year.
By type of construction, residential buildings reported the highest number of constructions at 8,165 or 63.4 percent of the total number of constructions during the month. It recorded an annual drop of 20.1 percent from the same month of the previous year’s level of 10,214 constructions.
The majority of total residential constructions were single-type houses with 7,112 constructions (87.1 percent).
Meanwhile, non-residential type of construction was the second highest in terms of number of constructions at 3,017 or 23.4 percent of the total number of constructions during the month. This type of construction decreased at an annual rate of 7.7 percent. Most of the non-residential constructions were commercial buildings with 2,045 constructions (67.8 percent).
Value of constructions
During the month, the total value of constructions amounted to P39.32 billion, reflecting an annual decline of 6.5 percent from the P42.06 billion value of constructions posted in the same month of the previous year.
Residential building constructions accounted for more than half of the total value of constructions during the period at P20.14 billion, up by 7.3 percent from the P18.77 billion construction value of residential buildings recorded in the same month of 2023.
Among residential constructions, single-type buildings had the highest value of constructions at P12.53 billion (62.2 percent).
On the other hand, the construction value of non-residential buildings amounted to P15.04 billion or 38.3 percent of the total construction value in May. This translates to a decline of 28.3 percent from the P20.98 billion value of constructions of non-residential buildings reported in the same month of the previous year.
Among non-residential buildings, commercial-type buildings registered the highest value of constructions at P6.62 billion (44 percent).
Average cost of construction
Moreover, the report showed that the average cost of construction in May was recorded at P11,296.89 per square meter. This was 2.8 percent higher than the average cost of P10,990.94 per square meter in May 2023.
By type of construction, residential buildings had the highest average cost of P13,416.26 per square meter during the month. This was followed by non-residential constructions with P9,368.00 per square meter.
Among residential constructions, residential condominium-type posted the highest average cost of P29,559.21 per square meter during the period, while other residential which includes container van houses, staff housing, servants quarter, etc. recorded the lowest average cost of P8,039.26 per square meter.
Across non-residential constructions, institutional-type buildings reported the highest average cost of P11,241.29 per square meter. On the other hand, agricultural-type buildings registered the lowest average cost of P4,733.46 per square meter. / KOC