Freeman Cebu Business

Construction activities in Central Visayas up 10% to P12B

Carlo S. Lorenciana - The Freeman

First quarter 2019

CEBU, Philippines — The building boom in one of the country's fastest growing economies continues.

Central Visayas saw its construction activities in the first three months of 2019 rise to 5,186, accounting for 13% of the total nationwide.

That placed the region on the second spot with the most number of constructions nationwide during the period, based on latest data released by the Philippine Statistics Authority.

The region's constructions approved in the first quarter were valued at P12 billion, accounting for 10.4% of the total value of projects nationwide.

On the provincial level, Negros Oriental emerged to be second with most number of constructions at 1,815, taking a 5% share of the nationwide total.

The statistics are based on the approved building permits.

National Economic and Development Authority regional director Efren Carreon had said that construction was among the strong performers in the economy last year.

Construction growth in 2018 was evident in both the number of new projects and their cumulative value.

Last year, Cebu had the most number of new constructions, followed by Bohol, Negros Oriental and Siquijor.

In terms of building growth, Bohol registered the highest at 42% followed by Negros Oriental which saw a 40% rise.

According to Carreon, the bustling constriction industry can be attributed to the sustained demand for residential and commercial properties and the government's infrastructure buildup.

"We foresee a sustained strong performance by the construction sector in 2019," the NEDA official said, noting the growth would be driven by the rising demand for residential, office and retail spaces.

The tourism boom and the continued expansion of the business process outsourcing (BPO) industry will also drive the construction sector, he said.

In 2018, the Central Visayas economy rose 7.6%, boosted by key growth drivers such as tourism, BPO, and construction, among others. (FREEMAN)

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