The region’s total number of constructions increased by 4.2 percent, from 1,369 constructions recorded in the 1st quarter of 2022 to 1,427 constructions in the 1st quarter of 2023.
The number of non-residential building constructions grew by 25.5 percent, from 330 constructions the 1st quarter of 2022 to 414 constructions in the 1st quarter of 2023.
The number of residential buildings increased by 3.0 percent, posting 916 constructions in the 1st quarter of 2023 from 889 constructions in the 1st quarter of 2022.
On the other hand, the combined number of additions/alterations and repairs declined from 150 constructions in the 1st quarter of 2022 to 97 constructions during the quarter in review, a drop by -35.3 percent.
The number of residential buildings comprised almost two-thirds or 64.2 percent of the total constructions in the region, while non-residential buildings and additions/alterations and repairs accounted for 29.0 percent and 6.8 percent, respectively.
The total value of constructions in the region in the 1st quarter of 2023 was estimated at P 3.5 billion. This figure is 30.1 percent higher than the P 2.7 billion total value of constructions in the 1st quarter of 2022. This increase was attributed to the 55.6 percent growth in the total value of non-residential buildings, from P1.2 billion in the 1st quarter of 2022 to P 1.8 billion in the 1st quarter of 2023.
The 45.5 percent and 5.1 percent growths in the aggregate value of additions/alterations and repairs of existing structures and total value of residential buildings also contributed to the increase in the total value of constructions. The aggregate value of additions/alterations and repairs of existing structures went up to P 0.2 billion in the 1st quarter of 2023 from P 0.1 billion in the 1st quarter of 2022. Meanwhile, the total value of residential buildings increased to P1.4 billion in the 1st quarter of 2023 from P1.3 billion in the 1st quarter of 2022.
Non-residential buildings’ value of construction comprised more than half or 53.3 percent of the total value of constructions in the region. The value of construction of residential buildings contributed 39.9 percent. Meanwhile, additions/ alterations and repairs accounted for only 6.8 percent of the region’s total value of constructions in the 1st quarter of 2023.
Average cost of construction per square meter was estimated at P11,239 for residential buildings and PhP 11,889 for non – residential buildings. (PR)
