• Q3 construction projects down slightly

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    The number of approved construction projects for the third quarter of the year decreased slightly to 29,145 compared to the 29,424 recorded during the second quarter, according to data from the National Statistics Office (NSO).

    The NSO said that though the number of construction projects in the third quarter slightly decreased, the value of these projects were higher at P71.4 billion compared to last quarter’s P66.4 billion.

    Residential-type buildings take up most of the share with total of 21,842 construction receipts, or 74.9-percent share of the new construction projects in the quarter, while new nonresidential projects were recorded at 3,263, or 11.2 percent of the total.

    On the other hand, continual construction projects such as additions, alterations and repairs of existing structures took up a 13.9-percent share of the total, accounting to 4,040 projects other than the new projects.

    “[For value] more than half, or 51.7 percent [P36.9 billion] of the total value of construction was spent for new residential-type buildings. Nonresidential construction posted a value amounting to P29.7 billion, or 41.6 percent . . . [while]additions, alterations and repairs of existing structures was registered at P4.8 billion, or only 6.7 percent of the total,” the NSO said.

    In terms of locations, the National Capital Region (NCR or Metro Manila) “remained highest” when it came to overall share, with P32.4 billion or 45.4 percent share of the total value of construction permits.

    The NCR was followed by Region 4A, or Calabarzon, with 18.7 percent share amounting to P13.4 billion, while Region 3, or Central Luzon, and Region 11 or Davao region ranking third with both 6.2-percent share totaling to P4.4-billion worth of construction projects.

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