The Philippine Statistics Authority reports a decrease in construction activity in November 2024, with fewer building permits issued and a decline in both the value and floor area of construction projects.
The Philippine Statistics Authority reported that the number of constructions authorized by building permits in November 2024 decreased by 2.7 percent to 12,050 units compared to 12,384 units in the same month of the previous year. Residential buildings constituted the largest segment, accounting for 7,513 units (62.3 percent of the total) and experiencing a 7.8 percent annual decline. Single-family houses represented 6,656 units (88.6 percent of residential construction).
Non-residential constructions followed with 2,773 units (23.0 percent), showing a 9.5 percent increase year-on-year. Commercial buildings led this category with 1,898 units (68.4 percent). Additions, alterations, and repairs, along with other construction types, contributed 3.7 percent, 8.6 percent, and 2.3 percent to the total, respectively. These categories witnessed growth rates of 4.9 percent, 2.6 percent, and 5.7 percent compared to the previous year. The total value of constructions in November 2024 reached P42.48 billion, a decrease of 8.4 percent from P46.39 billion in November 2023. Non-residential constructions, valued at P21.01 billion (49.5 percent of the total), declined by 9.3 percent year-on-year. Commercial buildings within this category held the highest value at P13.80 billion (65.7 percent). Residential building constructions, valued at P17.60 billion (41.4 percent of the total), also experienced a 9.3 percent decline year-on-year. Single-family buildings accounted for the highest value at P10.65 billion (60.5 percent). The total floor area of constructions in November 2024 amounted to 3.16 million square meters, excluding alterations and repairs, other non-residential (e.g., facades, helipads), and other constructions (e.g., demolitions, street furniture). This represented a 21.6 percent annual decrease from 4.03 million square meters in November 2023. Non-residential constructions encompassed 1.68 million square meters (53.1 percent of the total), showing a 23.7 percent year-on-year decline. Residential constructions accounted for 1.41 million square meters (44.5 percent), also experiencing a 21.4 percent annual decrease. The average cost of construction in November 2024 was P12,393.29 per square meter, a 16.7 percent increase compared to P10,621.65 per square meter in November 2023. Residential buildings had the highest average cost at P12,492.97 per square meter, followed by non-residential constructions at P12,466.97 per square meter and additions at P8,909.53 per square meter. Among residential constructions, residential condominiums had the highest average cost at P15,039.59 per square meter, while other residential types (e.g., container van houses, staff housing) had the lowest at P8,765.49 per square meter. Among non-residential constructions, commercial buildings had the highest average cost at P15,746.71 per square meter, while industrial buildings had the lowest at P5,460.29 per square meter
CONSTRUCTION PHILIPPINES ECONOMY STATISTICS BUILDING PERMITS RESIDENTIAL NON-RESIDENTIAL COMMERCIAL
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