CONSTRUCTION activities dropped by 5.5 percent to 13,100 in February this year from 13,859 in the same month last year, the Philippine Statistics Authority reported.
Broken down by type of construction, residential buildings accounted for the highest number, totaling 8,345 constructions or 63.7 percent of the total for the month. This marked a 9.4 percent annual decrease from the previous year’s figure of 9,209 constructions.
Among the total residential constructions, the majority consisted of single-type houses, amounting to 7,104 constructions or 85.1 percent.
Meanwhile, non-residential type of constructions was the second highest in terms of number of constructions at 3,177 up 1.4 percent. Most of the non-residential constructions were commercial buildings with 2,192 constructions or 69 percent.
The total value of constructions in February reached P43.27 billion, up 40.3 percent from P30.84 billion in the same month last year.
Of the total value, non-residential building constructions was valued at P19.47 billion, up by 59. 4 percent. Among non-residential constructions, commercial-type building had the highest value of constructions at P9.12 billion.
On the other hand, the construction value of residential buildings amounted to P19.34 billion, up by 20.6 percent. Among residential buildings, single-type houses registered the highest value of constructions at P11.47 billion.
Cost of construction
Moreover, the average cost of construction in February 2024, excluding those for alteration and repair, and other non-residential, was recorded at P10,899.39 per square meter. This was 1.3 percent higher than the average cost of P10,760.10 per square meter in February 2023.
By type of construction, residential buildings had the highest average cost of P13,468.60 per square meter during the month. This was followed by addition to existing constructions with P10,507.15 per square meter and non-residential constructions with P9,150.16 per square meter.
Among residential constructions, residential condominium posted the highest average cost of P22,194.61 per square meter during the period, while other residential recorded the lowest average cost of P4,715.39 per square meter.
Across non-residential constructions, institutional-type buildings reported the highest average cost of P12,796.09 per square meter. On the other hand, agricultural-type buildings registered the lowest average cost of P5,108.29 per square meter. / KOC