Construction projects in the Philippines grew in number and value in the second quarter of 2014 on the back of a surge in residential-type development, the latest government data shows.
A total of 32,729 new construction projects based on approved building permits in the country were recorded during the second quarter of 2014, according to preliminary data released by the Philippine Statistics Authority (PSA) on Tuesday.
The current number represents an increase of 3,305 projects or 11.2 percent from the 29,424 construction projects registered in the corresponding period in 2013.
The PSA data shows that construction of residential-type structures grew faster than the rise in nonresidential buildings during the period.
Residential-type constructions picked up by 11.5 percent to 23,817, while non-residential constructions increased 1.8 percent to 3,567.
Additions, alterations and repairs of existing structures totaled 5,345 construction projects, up by 17.2 percent from 4,560 projects recorded a year earlier.
Value up 5.3%
In terms of value, construction projects in the second quarter rose 5.3 percent year-on-year to P69.9 billion from P66.4 billion, the PSA said
The value of new residential buildings recorded an increase of 5.8 percent, amounting to P34.5 billion from P32.6 billion during the same quarter of 2013.
However, despite the 1.8 percent increase in the number of projects, the value of new nonresidential building constructions dropped by 3.5 percent, amounting to P27.5 billion from P28.5 billion registered a year earlier.
On the other hand, the combined value of additions, alterations and repairs of existing structures, estimated at P7.9 billion, surged by 49.9 percent from P5.3 billion registered in the comparative period.
Top 5 regions
Accounting for 64.9 percent of the total, the top five regions in terms of the number of constructions projects were Region 4A (CALABARZON) 7,892 projects, Region 3 (Central Luzon) 4,083 projects, Region VII (Central Visayas) with 3,376, National Capital Region with 3,260, and Region XI (Davao Region) with 2,642.
The combined construction value of the top five regions comprised more than three-fourths 77.2 of the total, the PSA said.
NCR consistently remained at the top with P27.7 billion, followed far behind by CALABARZON, which registered P12.2 billion. Central Luzon and Central Visayas placed third and fourth, with respective shares of P5.6 billion and P4.6 billion, while Western Visayas, with construction value of P3.9 billion, ranked fifth.