Average cost of construction expanded
The average cost of construction, excluding those for alteration and repair, was PhP 11,908 per square meter in the first quarter of 2021. This represents an annual increase of 14.3 percent. On the contrary, average cost of construction recorded annual decreases of -12.5 percent in the previous quarter and -1.8 percent in the first quarter of 2020.
Residential had the highest average cost of constructions
Among types of constructions, residential had the highest average cost of PhP 12,128 per square meter during the quarter. This was followed by non-residential with PhP 11,711 per square meter, and addition to existing constructions with PhP 10,097 per square meter.
Residential condominium construction was the most expensive among types of residential construction
Among residential constructions, condominiums had the highest average cost of PhP 20,258 per square meter during the quarter while single type residential recorded the lowest at PhP 10,172 per square meter.
Institutional-type buildings were the costliest among non-residential buildings
For this quarter, institutional-type building constructions reported the highest average cost of PhP 15,234 per square meter among types of non-residential buildings. On the contrary, agricultural-type building constructions continued to register the lowest average construction cost of PhP 4,790 per square meter.
Source: PSA
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