Cebu and Bohol bolster Central Visayas construction growth in 2015

CEBU, Philippines - Cebu and Bohol were among the top 10 provinces with the most number of construction activities in 2015, reflecting the continued boom in the construction industry, according to Philippine Statistics Authority data released yesterday.

PSA data showed that Cebu recorded a total of 4,772 constructions last year, up 3.6 percent, ranking sixth.

While Bohol province saw a 3.5 percent rise in construction activities in 2015 to 4,651, ranking seventh.

Central Visayas

In general, the Central Visayas region, composed of Cebu, Bohol and Siquijor, recorded the most number of constructions in the Visayas area.

Nationwide, Region 7 ranked fourth in terms of the number of construction activities last year, totaling to 12,824.

"Region VII (Central Visayas), recording the most number of constructions in the Visayas are, placed fourth with 12,824 (9.7 percent)," the PSA said.

In general, the Philippines saw a 4 percent increase in the number of constructions last year, totaling to 132,006 from 126,875 in 2014.

PSA based the construction statistics on the approved building permits.

The statistics agency noted that most of the constructions last year were residential projects and the rest were non-residential, addition, and alteration and repair projects.

Last year, the growth of Central Visayas economy slowed down, growing by only 4.8 percent from 7.8 percent in 2014. Growth last year was pulled down by the contraction in Industry sector.

Rebound

Earlier, National Economic and Development Authority Regional Director Efren Carreon that Region 7 is expected to continue to be the fourth largest economy in the country, given a rebound in manufacturing, exports, construction and increased public sector spending in infrastructure under the new administration.

Carreon said that preliminary data collected by NEDA showed that while the volume of construction projects in the region increased by 1 percent, total value decreased by 19.4 percent.

He added new residential projects accounted for 77 percent of construction activities in 2015, however their value was less by 35 percent due to smaller magnitude of projects. The CV economy has recorded an 8.1 percent six-year growth average, still higher than the national 6.2 percent six-year average. The CV economy was valued at P866.9 billion in 2015, still the fourth largest economy in the country, after NCR, CALABARZON and Central Luzon. (FREEMAN)