THE number of approved construction projects continued to decline in January, 14.6 percent lower than a year earlier, while its total value increased, the Philippine Statistics Authority (PSA) reported.
THE number of approved construction projects continued to decline in January, 14.6 percent lower than a year earlier, while its total value increased, the Philippine Statistics Authority reported. Data showed there were 12,526 projects in January, down from 14,665 in the same month last year.
However, it was higher than the 11,513 building permits approved in December 2024. On a good note, the value of approved projects totaled P48.58 billion, up by 26.1 percent from the previous year's P38.52 billion and December's P37.31 billion. Residential buildings accounted for the majority of approved constructions at 7,671 with a value of P20.94 billion, or 61.2 percent of the total number of construction projects for January. In terms of number, the subsector suffered an annual decline of 14.1 percent from the same month of the previous year's 8,931 constructions. Majority of the residential construction works were single-type houses, with 6,863 units valued at P11.68 billion. Nonresidential construction, meanwhile, reached 3,138 worth P24.16 billion. However, this was 4.3 percent lower than the 2,675 projects from last year. Most of these were commercial buildings at 2,288 or 72.9 percent of the total. In terms of types of structures, residential buildings had the highest average cost of P14,429.72 per square meter in January, nonresidential constructions at P10,829.10/sqm and addition to existing constructions at P8,765.52/sqm. The floor area of approved construction projects grew by 29.5 percent at 3.72 million sqm compared to the previous year's 2.87 million sqm. Nonresidential projects' floor area totaled 2.22 million sqm, or 59.7 percent of the total, while residential constructions occupied 1.45 million sqm. The National Capital Region earned the highest value of construction projects in January, with 892 approved building permits worth P10.67 billion, while Calabarzon led in terms of number with 3,279 approved projects valued at P7.4 billion.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Michelin Guide’s arrival:What it means for the Philippine food sceneWhen the Michelin Guide arrives in a country, it’s like getting a stamp of approval from one of the biggest names in dining. It puts local restaurants and
Read more »
Philippine tourism revenues hit P65.3-B in January, surpass pre-pandemic levelsThe Philippines generated P65.3 billion in tourism revenues in January 2025, a figure that surpassed pre-pandemic levels recorded in the same period, the Department of Tourism (DOT) disclosed on Thursday, Mar. 6.
Read more »
Higher remittances in January lift stock index above 6,300Philippine stocks closed slightly above the 6,300 level Monday on higher dollar remittances for the month of January 2025. The bellwether Philippine Stock
Read more »
PH gaming sales top P400b despite POGO banThe Philippine gaming industry remains robust despite the ban on Philippine offshore gaming operations (POGOs), Philippine Amusement and Gaming Corp.
Read more »
Philippine Unemployment Rate Rises in January, NEDA Charts Course for Inclusive GrowthThe Philippines saw a notable increase in unemployment in January 2025, prompting NEDA to outline strategies for sustained job creation and workforce development.
Read more »
PH gaming industry posts 25% growth in 2024 despite POGO banPHILIPPINE Amusement and Gaming Corp. (Pagcor) Chairman and CEO Alejandro Tengco said on Tuesday, March 18, that the Philippine gaming industry remains robust despite the ban on Philippine offshore gaming operations (POGOs).
Read more »