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Manila Bulletin devider Business devider Philippine construction permits drop 9% in June

Philippine construction permits drop 9% in June

Published Sep 12, 2024 09:37 am

Approved building permits dropped in June this year as elevated interest rates soured sentiment for construction activities.

Data from the Philippine Statistics Authority (PSA) showed that the number of constructions from approved building permits fell nine percent to 13,170 in the sixth month of 2024 from the previous year's total of 14,477.

The decrease in construction activity in June continued from May, which also posted a nine percent year-on-year decline.

Residential buildings accounted for the highest number of constructions, with 8,933 projects reported. However, this is a 7.5 percent drop from the previous year.

Non-residential constructions also recorded a decline of 8.3 percent, with a total of 2,621 construction projects recorded during the period.

Additions, alterations and repairs, and other constructions made up the least number of constructions, which also dropped by 30.9 percent, 6.1 percent, and 29.5 percent, respectively.

In terms of value, the total value of constructions amounted to P34.16 billion,

reflecting an increase of 4.4 percent compared to the previous year’s P32.72 billion.

Residential building constructions comprised almost half (49.9 percent) of the total value, while non-residential buildings accounted for 40.9 percent.

The total construction values for additions, alterations and repairs, and other projects comprised the remaining 9.2 percent.

The PSA data also revealed that non-residential buildings occupied over half (50.2 percent) of the total construction floor area, while residential buildings accounted for 47.3 percent.

In June, the average construction cost was P11,684.94 per square meter, a 3.6 percent decline from June last year.

The decline in construction activity is attributed to sector challenges such as high inflation and interest rates, which have discouraged construction projects in the country. (Derco Rosal)

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Philippine Statistics Authority (PSA) building permit
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