THE number and value of approved construction projects year-on-year declined in July, the Philippine Statistics Authority (PSA) said in its latest report.
THE number and value of approved construction projects year-on-year declined in July, the Philippine Statistics Authority said in its latest report.Approved construction projects totaled 14,342 or 2.4-percent lower compared to the same month last year, but 6.9 percent higher than the 13,413 recorded in June 2024.Total amount of the projects was P41.21 billion or 14.1 percent lower than last year's P47.95 billion, but higher than the P34.89 billion in June.Rizal Commercial Banking Corp.
Nonresidential projects, meanwhile, totaled 2,907 in July, valued at P21.41 billion, and which accounted for more than half of the total value of constructions during the period. Most of these are commercial buildings at 2,011 or 69.2 percent of the total number.The PSA said nonresidential projects had the highest average cost at P13,615 per square meter in July.This was followed by residential construction at P11,007/sqm, and additions to existing constructions at P9,902/sqm.
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