Approved building permits fell 15.4% in May, a turnaround from the year-earlier 8% growth, the Philippine Statistics Authority (PSA) said in a report.
Citing preliminary data, building projects covered by the permits numbered 12,888 in May, down from 15,234 a year earlier.
In May, building projects covered 3.15 million square meters of floor area, down 13.5% year on year.
Construction projects that received approval were valued at P39.32 billion, down 6.5% from a year earlier.
Permits for residential projects, accounting for 63.4% of the total, fell 20.1% to 8,165.
These projects were valued at P20.14 billion, compared with P18.77 billion a year earlier.
Single homes accounted for 87.1% of the residential category, with approved permits declining 23.3% to 7,112.
Permits for apartment buildings totaled 958, up 14.9% from May 2023, while permits for duplex or quadruplex homes tallied 79, down 19.4%.
Nonresidential projects fell 7.7% year on year to 3,017 permits, accounting for 23.4% of the total.
Nonresidential permits were valued at P15.04 billion, declining 28.3% from a year earlier.
Approved commercial construction applications made up 67.8% of all nonresidential projects, and were down 10.2% at 2,045.
Institutional building permits rose 8.3% to 547, while industrial permits fell 7.7% to 240.
Approved agricultural projects in May 2024 fell 18.2% to 108 while other nonresidential projects fell 18.1% to 77.
Alteration and repair permits totaled 1,063, down 8% from a year earlier. They were valued at P3.61 billion.
On the other hand, permits for additions, or construction that increases the height or area of an existing building, grew 7.9% to 643 approvals.
Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) had the most approved construction projects, accounting for 25.9% of the total with 3,341 permits, followed by Central Luzon (1,846 permits), and Central Visayas (1,445 permits).
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 nationwide.
Source: Business World
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