Construction projects increase 17% in Q3

Construction projects increase 17% in Q3

MANILA — Approved construction projects from July to September this year increased by 16.7 percent, the Philippine Statistics Authority (PSA) reported Wednesday.

Approved building permits rose to 42,111 in the third quarter this year from 36,076 in the same period last year.

Construction value in Q3 2018 jumped by 45 percent to PHP104.8 billion from PHP72.1 billion in Q3 2017.

The bulk of these construction projects are in the residential sector with a total of 30,638 building permits approved in the third quarter.

“All types of residential constructions, except for duplex/quadruplex and other residential, recorded a two-digit increase in number as follows: residential condominiums (80.8 percent), apartment/accessoria (29.9 percent) and single-type houses (15.3 percent),” the PSA noted.

Some 5,983 projects are non-residential, which include institutional buildings, commercial buildings, and agricultural buildings.

Most of the projects that acquired government’s clearance in Q3 2018 are located in Calabarzon, Central Visayas, Central Luzon, Metro Manila, and Western Visayas. PNA-northboundasia.com