Building constructions, based on the number of approved building permits, picked up 4 percent in October 2024 to 13,848 from 13,312 a year ago. This followed the 7.6-percent growth registered in September.
The Philippine Statistics Authority (PSA) said that by type of construction, residential buildings reported the highest number of constructions at 9,003, or 65.0 percent of the total in October. It went up by 5.4 percent from 8,539 in the same month last year.
Majority of the total residential constructions were single-type houses with 6,892 (76.6 percent).
Meanwhile, non-residential constructions reached 2,873, down by 2.2 percent from a year earlier. Most of the non-residential constructions were commercial buildings with 1,979.
Additions, which refer to any new construction that increases the height or area of an existing building, and other constructions both contributed 3.0 percent, while alteration and repair of existing structures contributed 8.3 percent to the total number of constructions, respectively.
The PSA said that in terms of value, building constructions amounted to P44.39 billion in October, reflecting an annual increase of 21.9 percent from P36.40 billion in the same month of 2023.
Non-residential building constructions valued at P21.75 billion surged 35.8 percent from P16.01 billion a year ago. Among non-residential constructions, commercial-type buildings had the highest value of constructions at P11.12 billion.
Residential buildings amounted to P18.88 billion or 42.5 percent of the total construction value in October 2024. This climbed 19.6 percent from P15.79 billion registered in the same month of the previous year.
Among residential buildings, single-type buildings registered the highest value of constructions at P10.85 billion.
The total floor area of constructions in October was recorded at 3.87 million square meters, excluding alteration and repair, other non-residential such as facade, helipad, niche, water tank, etc., and other constructions.
The total floor area in October 2024 expanded by 40.9 percent from 2.75 million square meters in the same period of the previous year.
Non-residential constructions posted 2.18 million square meters, reflecting an annual increase of 60.4 percent year-on-year while residential constructions also expanded 23.1 percent to 1.65 million square meters from 1.34 million square meters a year ago.
