Cebu posts highest increase in construction projects in Q3

CEBU, Philippines – Central Visayas recorded the most number of constructions in the Visayas in the third quarter of 2015, with Cebu posting the highest increase in construction projects in the region, the latest data from the Philippine Statistics Authority showed.

The PSA data indicated that Region 7 recorded a total of 3,194 constructions from approved building permits, accounting for 10.6% of the total 30,126 recorded nationwide.

There are 10 top provinces that comprised 44.4% of the total number of constructions in the Philippines during the period, including residential, non-residential, additional structures and repair of existing structures.

Cebu ranked second with 1,470 constructions or equivalent to 4.9% share.

"Among the top 10 provinces, Cebu recorded the highest increase (126.9%) in the number of constructions from the 648 projects reported during the same period in 2014," the PSA said in the data report.

"This was attributed to the three-digit growth (201.6%) in the construction of single-type houses in the province," the statistics agency added.

In terms of the value of constructions, Region 7 ranked fourth at P4.4 billion, accounting for 5.5% of the nationwide total.

In a recent economic situationer report it earlier provided, the National Economic and Development Authority in Region 7 said that residential projects continued to account for the bulk or about 72% of the new construction projects implemented in the region in first half of the year, valued at P3.8 billion.

"While non-residential projects (which included commercial, industrial; agricultural and institutional-type of constructions) make up only 12% of the total projects of the region in the first semester, they are worth more at P4.9 billion," NEDA-7 noted.

The agency also said the non-residential segment saw a slight increase in the number of new projects as demand for more office spaces from the IT-BPO industry and more rooms from the hospitality industry continue to stimulate its growth. (FREEMAN)