Cebu ranks second with most number of constructions in Q3

CEBU, Philippines - Cebu ranked second among the top 10 provinces with the most number of construction activities in the third quarter of this year.

According to preliminary results from the Philippine Statistics Authority, Cebu recorded a total of 1,675 construction activities during the period, accounting for 4.7 percent of the total among other provinces.

Bohol, on the other hand, ranked fifth, having a total of 1,206 construction activities in the third quarter.

Bohol accounted for 3.4 percent of the total.

The figures are based on the approved building permits.

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

Central Visayas recorded a total of 2,934 activities.

Nationwide, Region 7 ranked fourth in terms of construction activity.

Last year, the region saw a total of 12,824 constructions.

The value of construction in Central Visayas during the third quarter stood at P9 billion, up 11.7 percent, PSA noted.

In 2015, the Central Visayas economy grew at a slower pace by 4.8 percent.

Although the region's economy is expected to continue to be the fourth largest economy in the country, with a rebound in manufacturing, exports, construction, and increased public sector spending in infrastructure under the new administration, the National Economic and Development Authority had said.

Nationwide

Nationwide, the number of constructions during the third quarter reached 35,684, up 18.4, led by a 19.2 percent rise in permits for residential constructions to 26,896.

The total value of construction for the period nationwide, however, fell 3.8 percent to P77.2 billion, led by a 3.6 percent drop in residential construction to P39.7 billion.

The category’s drop was caused by the 49.8 percent fall in value for duplexes and quadruplexes and a 33.2 percent drop in the value of residential condominiums.

On the other hand, the non-residential category declined 7.1 percent to P31.8 billion due to a 24.1 percent decrease in the value of commercial buildings.

As of end September, the cost of constructing residential units declined 15.5 percent to P9,193 per square meter, while non-residential fell 10.9 percent to P9,944 per square meter. (FREEMAN)