Approved building permits fell 7.5% year on year in August to 13,436, the Philippine Statistics Authority (PSA) reported.
In August, approved building projects amounted to 3.23 million square meters of floor area, up 1.9% from a year earlier. Approved permits represented projects valued at P43.05 billion, up 1.1% year on year.
Residential buildings accounted for 64.7% of approved permits, with single homes making up 83.1% of the residential segment.
Non-residential permits accounted for 22.1%, and were valued at P18.31 billion, down 13% year on year.
Approved commercial construction applications made up 69.2% of the nonresidential segment, down 3.6% year on year.
Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) accounted for 25.1% of approved construction projects, followed by Central Visayas and Central Luzon.
Average Cost of Construction
Residential buildings had the highest average cost of constructions
The average cost of construction in August 2024 was recorded at PhP 9,840.20 per square meter. This was 15.9 percent lower than the average cost of PhP 11,700.77 per square meter in August 2023. Alteration and repair, other non-residential such as facade, helipad, niche, water tank, etc., and other constructions, which include demolition, street furniture, landscaping and signboards, were excluded in the average cost of construction since there is no reported floor area for these types of construction.
By type of construction, residential buildings had the highest average cost of PhP 12,079.06 per square meter during the month. This was followed by non-residential constructions with PhP 10,551.32 per square meter, and addition to existing constructions with PhP 9,242.08 per square meter.
Among residential constructions, residential condominium-type posted the highest average cost of PhP 15,752.80 per square meter during the period, while other residential such as container van house, staff housing, servants quarter, etc. recorded the lowest average cost of PhP 6,557.65 per square meter.
Across non-residential constructions, institutional-type buildings reported the highest average cost of PhP 13,397.53 per square meter. On the other hand, agricultural-type buildings registered the lowest average cost of PhP 6,791.37 per square meter.
The PSA said construction statistics are compiled from the copies of original application forms of approved building permits, as well as from demolition and fencing permits collected monthly by the agency’s field personnel from the offices of local building officials.
Source: Business World
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