The Philippine Statistics Authority (PSA) reported mixed results in the construction sector for November 2024. While residential construction declined, non-residential projects surged, and alterations/repairs gained momentum. The total number of construction projects dipped by 2.7 percent compared to November 2023. Residential construction fell by 7.82 percent, while non-residential construction rose by 4.92 percent.
CONSTRUCTION activity in the country saw varying outcomes in November 2024, with residential projects falling, non-residential developments rising, and alterations and repairs gaining momentum, the Philippine Statistics Authority reported.
Most residential constructions were single-type houses , followed by apartments , duplexes , condominiums , and other residential types . The total construction value for November 2024 was P42.48 billion, down 8.4 percent from P46.39 billion in November 2023. Residential construction value dropped 9.3 percent to P17.60 billion from P19.40 billion year-on-year, while non-residential construction value also fell 9.3 percent to P21 billion from P23.17 billion in the same period.
Last year, Leechiu Property Consultants reported an 18 percent office vacancy rate, mainly due to the ban on Philippine Offshore Gaming Operators .
CONSTRUCTION ECONOMY PHILIPPINE RESIDENTIAL NON-RESIDENTIAL
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