Business and Economy
Construction projects up 1.1% in Q3 2017
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Although the number of construction projects increased, its value fell by 6.5 percent to PHP72 billion in the past quarter from PHP77 billion in Q3 2016.(ShutterStock image)
MANILA – Approved building permits from July to September 2017 increased by 1.1 percent to 36,076 from 35,684 in the same period in 2016, data released by the Philippine Statistics Authority (PSA) on Tuesday showed.
Although the number of construction projects increased, its value fell by 6.5 percent to PHP72 billion in the past quarter from PHP77 billion in Q3 2016.
Highest number of building permits approved in third quarter (Q3) this year was from residential projects with a total of 26,227 projects or 73 percent of the overall building permits approved last quarter.
Residential projects approved in Q3 2017 amounted to PHP36.5 billion, lower by 7.9 percent in the same period a year ago.
Non-residential building permits reached 5,231 valued at PHP30.
8 billion in Q3 2017 from 4,641 projects at PHP31.8 billion.
Addition to existing structures went up by 17.2 percent to 1,176 projects with a total value of PHP1.0 billion, while alterations and repairs to existing structures likewise increased by 9.5 percent to 3,442 amounting to PHP3.8 billion.
The National Capital Region accounted for the largest number of approved building permits in Q3 2017, sharing 8.
5 percent of total construction; followed by Central Visayas, sharing 8.4 percent; and Davao Region at 7.1 percent.
