July 21, 2024

Construction activities declined in the second quarter of the year, the Philippine Statistics Authority reported.

The PSA said the number of approved building permits declined by 14.9 percent from 42,478 to 36,136 in the same quarter last year.

These permits are equivalent to 7.2 million square meters of floor area valued at P87.82 billion.

“By type of construction, residential buildings still reported the highest number of 24,175 constructions in the second quarter of 2023 or 66.9 percent of the total number of constructions during the quarter,” the PSA said.

This was followed by the non-residential type of construction with 7,928 permits.

“Addition, which refers to any new construction that increases the height or area of an existing building, and alteration and repair of existing structures, contributed 4.3 percent and 6.9 percent to the total number of constructions, respectively,” it said. – PNA