Construction Statistics from Approved Building Permits: Third Quarter 2020 (Final Quarter)
Number of Constructions increased
The number of constructions in the third quarter of 2020 reached a total of 2,015 indicating an annual increase of 4.0 percent. In the previous quarter the number of constructions decreased progressively at an annual rate of (81.6) percent and in the third quarter of 2019, it decreased at 27.6 percent. (Table A)
Residential has the highest number of constructions
By type of construction, residential reported the highest number of constructions during the quarter which totalled 1,537 or 76.3 percent of the total number of the total number of constructions. Because of the lockdown due to COVID –19 pandemic, this type of construction dropped at a faster rate of (85.2) percent that its annual rate in the previous quarter of (48.0) percent. Majority 294.6% of the residential constructions were single-type houses. Next to residential constructions were non-residential which accounted for 125 of the total constructions during the quarter. Non-residential constructions also dropped at annual rate of (59.0) percent . A total number of 430 or 1,492.36 annual rate of the non-residential constructions were industrial buildings. Addition of existing structures had share of 400 percent to total constructions. This type of constructions declined at annual rate of (60.0) percent for addition in previous year. (Table A)
Total value of constructions shrinks
In the third quarter of 2020, the total value of constructions amounted to PhP 3,401,522 million which shrank by (17.3) percent. Compared to previous quarter it declined at an annual rate of (88.6) percent, while (15.1)percent of an annual rate in the third quarter of 2019. (Table A) Total value of constructions shrinks Residential building constructions, valued at 1,773,101 thousand, accounted for 52.1 percent of the total value. This shows a contraction of (32.2) percent from the 1,999,726 million construction value posted in the same quarter of 2019. Construction value of non-residential buildings amounted to 1,458,816 million or 42.9 percent of the total value. This reflects 64.0 percent decrease from the PhP 2,074,636 million value of construction in the same quarter of the previous year. (Table A and Figure 2)
The total floor area constructed for this quarter was recorded at 316,130 thousand square meters. This reflects a slightly faster annual decline of (26.1)percent for the quarter, from (87.7) percent in the previous quarter. Residential construction accounted for 174,341 thousand square meters floor area constructed. It continued to drop at an annual rate of (17.2) percent for this quarter. On the other hand, non-residential construction recorded 141,546 thousand square meters or more than half of the total area constructed. It continued to drop at an annual rate of (34.8) percent as compared with the previous quarter’s annual rate of (75.3) percent. The average cost per square meter in the third quarter of 2020 valued at PhP10,301. On the contrary, the average cost per square meter in the previous quarter declined at an annual rate of (7.8) percent.
Single house is the most expensive among types of residential construction
Among residential constructions, single house posted the highest average cost of PhP10,111 per square meter. The lowest average cost amounting to PhP 9,497 was seen in apartment/accessoria. Meanwhile residential condominium and other residential constructions not elsewhere classified recorded zero (0) constructions for two consecutive quarters.
Institutional- type buildings are the most costly among non– residential buildings
Institutional -type building constructions reported the highest average cost of PhP 14,590 per square meter. It was followed by commercial-type buildings with average cost of PhP10,267 square meter and industrial PhP 9,713 construction. On the other hand, agricultural –type building constructions continued to register the lowest average cost of PhP 5,946 per square meter. ( Figure 3)