The construction industry in Region 8 is experiencing a significant surge, with a total of 1,413 building projects recorded in the third quarter of 2024, a 5.1 percent increase from the 1,344 constructions in the same period last year.
The growth in constructions is largely driven by the non-residential buildings sector, which grew by 11.9 percent from 421 constructions in the third quarter of 2023 to 471 constructions in the same period this year.
The total value of constructions also increased by 25.0 percent, reaching PHP 3.8 billion in the third quarter of 2024, up from PHP 3.0 billion in the same period last year.
The non-residential buildings sector accounted for the bulk of the growth, with a 52.5 percent increase in total value from PHP 1.5 billion to PHP 2.3 billion.
Residential buildings also saw an increase in construction and value, with a 5.1 percent increase in constructions and a 2.9 percent increase in total value from PHP 1.2 billion to PHP 1.24 billion.
However, the additions and alterations sector experienced a decline in constructions and value, with an 18.5 percent decrease in constructions and a 25.6 percent decrease in total value from PHP 0.3 billion to PHP 0.2 billion.
The average cost of construction per square meter for residential buildings was estimated at PHP 11,108, while non-residential buildings had an average cost of PHP 12,261 per square meter.
The industry’s boom in Region 8 is expected to continue, driven by the growing demand for residential and non-residential buildings.
The Philippine Statistics Authority (PSA) will continue to monitor the industry and provide updates on the latest trends and developments.
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