The number of constructions from approved building permits in October 2024 reached 646 This indicates an annual decrease of -23.1 percent from the 840 total number of constructions in the same month of the previous year. The number of constructions in October 2023 increased at annual rate of 27.5 percent. (Table A)

By type of construction, residential buildings reported the highest number with 374 constructions or 57.9 percent of the total number of constructions during the month.  This indicates an annual decrease of -31.6 percent from the same month of the previous year’s level of 547 constructions. Majority of the total residential constructions were single - type houses with 339 (90.6%). (Table A, Figure 1)

Meanwhile, non-residential type of constructions at 175 or 27.1 percent of the total number of constructions during the month. This type of construction decreased during the period at an annual rate of -5.4 percent. Most of the non-residential constructions were commercial buildings with 113 (64.6%) (Figure 1).

Addition, which refers to any new construction that increases the height or area of an existing building, and alteration and repair of existing structures contributed 14.4 percent. Compared with their respective numbers in the same period of the previous year, addition-type of construction posted 40 number during the month while alteration and repair posted an annual decrease of -50.9 percent (Table A).

Residential buildings recorded the highest value of constructions

In October 2024, the total value of constructions amounted to PhP 2,281,793 million, reflecting an annual decrement of -0.8 percent from the PhP 2,299,197 million value of constructions posted in the same month of the previous year. (Table A, Figure 2)

Residential building constructions valued at PhP 707,557 thousand accounted for 31 percent of the total value of constructions during the period. This indicates decrease of -32.6 percent from the PhP 1,050,347 thousand construction value of residential buildings recorded in the same month of 2023. Among residential constructions, single house buildings had the highest value of constructions at PhP 604,996 thousand (85.5%). (Figure 2)

On the other hand, the construction value of non-residential buildings amounted to PhP1,502,724 million or 65.9 percent of the total construction value in October 2024. This reflects increment of 29.6 percent from the PhP 1,159,287 million value of constructions of non-residential buildings reported in the same month of the previous year. 

In October 2024, the value of constructions for addition to, and alteration and repair to existing structures were recorded at PhP15,068 thousand (0.7%) and PhP 43,593 thousand (1.9%), respectively. Compared with their respective values in the same month of the previous year, alteration and repair posted an annual decrease of -51.3 percent from an annual growth rate of 71.3 percent. 

Residential buildings recorded highest total floor area 

The total floor area of constructions for this month was recorded at 222,187 thousand square meters. This corresponds to an annual increase of 4.5 percent from the recorded 212,670 thousand square meter floor area in the same period of the previous year.  (Table A, Figure 3)

Residential constructions posted 72,247 thousand square meters or 32.5 percent of the total floor area of constructions this period. This reflects an annual decrement of -26.7 percent from the floor area of 98,521 thousand square meters in the same month of 2023.

Meanwhile, non- residential constructions recorded 148,403 thousand square meters or 66.8 percent of the total floor area of constructions in October 2024. It increased at an annual rate of 30 percent from the previous year’s same month floor area of 114,149 thousand square meters.

Residential buildings had the highest average cost of constructions

The average cost of construction in October 2024, excluding those for alteration and repair, and other non-residential was recorded at PhP10,043.55 per square meter. This was -3.3 percent lower than the average cost of PhP10,384.80 per square meter in 2023 (Table A).

By type of construction, residential buildings had the highest average cost of PhP 9,793.58 per square meter during the month. This was followed by non-residential constructions with PhP10,081.14 per square meter, and addition to existing constructions with PhP 9,803.51 per square meter. 

Among residential constructions, single house building posted the highest average cost of PhP 10,549.19 per square meter during the period, while apartment accessoria recorded the lowest average cost of PhP6,759 per square meter. (Figure 4A)

Across non- residential constructions, institutional building reported the highest average cost of PhP 12,151.02 per square meter. On the other hand, agricultural building registered the lowest average cost of PhP 6,686.47per square meter. (Figure 4B)