The number of building permits issued in April 2024 rebounded 12.8 percent year-on-year, according to data from the Philippine Statistics Authority (PSA).
Local building officials approved 13,332 building permits in April, up from 11,822 in the same month last year. This followed a 14.2-percent decline in March.
Residential buildings accounted for the most permits issued in April, with 8,764, or 65.7 percent of the total. This represents a 9.6 percent increase from the 7,997 residential permits issued in April 2023. Single-family homes were the most common type of residential construction, making up 82.2 percent of all residential permits.
Non-residential construction permits came in second with 3,057 issued, representing 22.9 percent of the total. This sector saw an 18.3-percent annual increase. Commercial buildings led the way in non-residential permits, accounting for 70.8 percent.
Permits for additions, which expand existing buildings’ height or area, and alterations and repairs, contributed 4.4 percent and 7.0 percent of the total, respectively. Additions saw a significant increase of 31.2 percent percent year-on-year, while alterations and repairs rose 16.6 percent.
The total value of construction projects in April hit P39 billion, a 30.8-percent increase from P29.82 billion in April 2023.
Non-residential buildings held the highest value at P17.54 billion, accounting for 45.0 percent of the total. This marked a 27.2-percent growth from P13.79 billion recorded in April 2023. Commercial buildings also led the way, contributing P6.26 billion (35.7 percent).
Residential buildings had a total construction value of P17.09 billion, up by 31.9 percent from P12.95 billion in April 2023. Single-family homes again topped the category with a value of P11.57 billion (67.7 percent).
The total floor area of construction projects in April was 3.35 million square meters, a 35.5-percent increase from 2.47 million square meters in April 2023.
Non-residential construction accounted for more than half (51.5 percent) of the total floor area, with 1.72 million square meters. This represented a 33.2-percent expansion. Residential construction involved 1.50 million square meters (44.7 percent), also up 30.2 percent year-on-year.
The average cost of construction in April 2024, excluding alterations and repairs and some non-residential projects, was P10,664.42 per square meter, representing a 2.2-percent decrease from P10,909.05 per square meter average cost a year ago.
