Construction projects decline in Q4 last year

MANILA, Philippines — The number of approved building permits and value of construction projects registered declines in the fourth quarter from the same period in 2021, according to the Philippine Statistics Authority (PSA).

Data released by the PSA yesterday showed the number of construction projects from approved building permits reached 37,329 in the fourth quarter of 2022, down 9.2 percent from 41,127 in the same period in the previous year.

The total value of construction projects in the fourth quarter of 2022 amounted to P98.23 billion, 6.4 percent lower than the P105 billion in the same quarter in 2021.

Residential buildings accounted for the highest number of construction projects, accounting for 70.9 percent of the total.

There were 26,483 residential construction projects during the period under review, down 12 percent.

Non-residential projects, meanwhile, increased by 12.9 percent to 7,175.

Permits for additions to existing buildings or structures declined by 3.9 percent to 1,027.

Those for alterations and repairs also fell by 26.8 percent to 2,644.

Calabarzon continued to account for the highest number of construction projects with 9,069 or 24.3 percent of the total in the fourth quarter of 2022.

Central Visayas took the second spot with 4,235 or 11.3 percent, followed by Central Luzon with 4,058 or 10.9 percent.

In terms of value of construction projects, the National Capital Region had the largest share at P19.05 billion or 19.4 percent. It was followed by Calabarzon with P17.67 billion or 18 percent, and Central Luzon with P12.84 billion or 13.1 percent.

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The article was originally published in PhilStar Global and written by Louella Desiderio.