The region’s total number of constructions decreased by -18.8 percent, from 1,334 constructions recorded in the 2nd quarter of 2022 to 1,083 constructions in the 2nd quarter of 2023.
The regional decline was brought about by the significant drop in the combined number of additions/alterations and repair by -57.5 percent, from 167 constructions in the 2nd quarter of 2022 to 71 constructions in the 2nd quarter of 2023.
Also, the number of residential buildings declined by -20.2 percent, posting 669 constructions in the 2nd quarter of 2023 from 838 constructions in the2nd quarter of 2022.
On the other hand, the number of non-residential buildings increased from 329 constructions in the 2nd quarter of 2022 to 343 constructions during the quarter in review, an increase by 4.3 percent.
The number of residential buildings comprised 61.8 percent of the total constructions in the region, while non-residential buildings and additions/alterations and repairs accounted for 31.7 percent and 6.6 percent, respectively.
The total value of constructions in the region in the 2nd quarter of 2023 was estimated at P 2.6 billion. This figure is -32.4 percent lower than the P3.9 billion total value of constructions in the 2nd quarter of 2022.
This decrease was attributed to the -56.0 percent drop in the total value of non-residential buildings, from P2.6 billion in the 2nd quarter of 2022 to P1.2 billion in the 2nd quarter of 2023.
However, this decline was mitigated by the 142.3 percent and 3.0 percent growths in the aggregate value of additions/alterations and repairs of existing structures and total value of residential buildings, respectively.
The aggregate value of additions/alterations and repairs of existing structures went up to P0.3 billion in the 2nd quarter of 2023 from P0.1 billion in the 2nd quarter of 2022.
Meanwhile, the total value of residential buildings increased to P1.12 billion in the 2nd quarter of 2023 from P1.09 billion in the 2nd quarter of 2022.
Non-residential buildings’ value of construction comprised 44.4 percent of the total value of constructions in the region.
The value of construction of residential buildings contributed 43.2 percent. Meanwhile, additions/ alterations and repairs accounted for 12.3 percent of the region’s total value of constructions in the 2nd quarter of 2023.
Average cost of construction per square meter was estimated at P11,738 for residential buildings and P9,959 for non – residential buildings.
Data were based on the preliminary results of construction statistics from approved building permits.(PR)
