The number of constructions from approved building permits in August 2024 reached 679. This indicates an annual increase of 0.7 percent from the 674 total number of constructions in the same month of the previous year. The number of constructions in August 2023 decreased at annual rate of -2.9 percent. (Table A)

By type of construction, residential buildings reported the highest number with 371 constructions or 54.6 percent of the total number of constructions during the month. This indicates an annual decrease of -11.7 percent from the same month of the previous year’s level of 420 constructions. Majority of the total residential constructions were single - type houses with 323 (87.1%). (Table A, Figure 1) 

Meanwhile, non-residential type of constructions was the second highest in terms of number of constructions of 181 or 26.7 percent of the total number of constructions during the month. This type of construction increased during the period at an annual rate of 1.7 percent. Most of the non-residential constructions were commercial buildings with 120 (66.3%) (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 17.8 percent. Compared with their respective numbers in the same period of the previous year, addition-type of construction posted 29 number during the month while alteration and repair posted an annual increase of 21.1 percent (Table A).

Residential buildings recorded the highest value of constructions

In August 2024, the total value of constructions amounted to PhP 1,277,987 million, reflecting an annual decrement of -7.4 percent from the PhP 1,380,162 million value of constructions posted in the same month of the previous year. (Table A, Figure 2)

Residential building constructions valued at PhP664,791 thousand accounted for 52.0 percent of the total value of constructions during the period. This indicates decrease of -33.8 percent from the PhP 1,004,705 million construction value of non-residential buildings recorded in the same month of 2023. Among residential constructions, single house buildings had the highest value of constructions at PhP 553,132 thousand (83.2%). (Figure 2)

On the other hand, the construction value of non-residential buildings amounted to PhP520,675 million or 49.1 percent of the total construction value in August 2024. This reflects increment of 40.7 percent from the PhP 338.362 thousand value of constructions of nonresidential buildings reported in the same month of the previous year.

In August 2024, the value of constructions for addition to, and alteration and repair to existing structures were recorded at PhP12,482 thousand (1.0%) and PhP 67,945 thousand (5.3%), respectively. Compared with their respective values in the same month of the previous year, alteration and repair posted an annual decrease of 83.2 percent from an annual growth rate of 283.3 percent.

Residential buildings recorded highest total floor area

The total floor area of constructions for this month was recorded at 113,447 thousand square meters. This corresponds to an annual decrease of -8.7 percent from the recorded 124,210 thousand square meters floor area in the same period of the previous year. (Table A, Figure3)

Residential constructions posted 56,396 thousand square meters or 49.7 percent of the total floor area of constructions this period. This reflects an annual decrement of -38.4 percent from the floor area of 91,557 thousand square meters in the same month of 2023.

Meanwhile, non- residential constructions recorded 55,706 thousand square meters or 49.1 percent of the total floor area of constructions in August 2024. It increased at an annual rate of 70.6 percent from the previous year’s same month floor area of 32,653 thousand square meters.

Residential buildings had the highest average cost of constructions

The average cost of construction in August 2024, excluding those for alteration and repair, and other non-residential was recorded at PhP10,621.28 per square meter. This was -1.6 percent lower than the average cost of PhP10,794.32 per square meter in 2023 (Table A).

By type of construction, residential buildings had the highest average cost of PhP 11,787.91 per square meter during the month. This was followed by non-residential constructions with PhP7,158.08 per square meter, and addition to existing constructions with PhP 9,255.47 per square meter.

Among residential constructions, single house building posted the highest average cost of PhP 12,091.37 per square meter during the period, while duplex/quadruplex building recorded the lowest average cost of PhP8,348.50 per square meter. (Figure 4A)

Across non- residential constructions, institutional building reported the highest average cost of PhP 12,398.91 per square meter. On the other hand, agricultural building registered the lowest average cost of PhP 4,507.74 per square meter. (Figure 4B)