Building constructions slowed in November 2024

The number of constructions from approved building permits in November 2024 reached 12,050, a 2.7-percent decline from 12,384 in the same month of 2023. In October 2024, constructions increased 6.0 percent year-on-year.

Residential buildings accounted for the largest share with 7,513 units (62.3 percent of the total), declining 7.8 percent annually. Single-type houses comprised 6,656 units (88.6 percent of residential).

Non-residential constructions followed with 2,773 units (23.0 percent), increasing 9.5 percent annually. Commercial buildings led this segment with 1,898 units (68.4 percent).

Additions, alterations and repairs and other constructions contributed 3.7 percent, 8.6 percent and 2.3 percent to the total, respectively. These categories grew 4.9 percent, 2.6 percent and 5.7 percent year-on-year.

The total value of constructions in November 2024 was P42.48 billion, down 8.4 percent from P46.39 billion in the same month of 2023.

Non-residential constructions, valued at P21.01 billion (49.5 percent of the total), decreased 9.3 percent year-on-year. Commercial buildings within this category had the highest value at P13.80 billion (65.7 percent).

Residential building constructions, valued at P17.60 billion (41.4 percent of the total), declined 9.3 percent year-on-year. Single-type buildings had the highest value at 10.65 billion (60.5 percent).

The total floor area of constructions in November 2024 was 3.16 million square meters, excluding alterations and repairs, other non-residential (e.g., facades, helipads), and other constructions (e.g., demolitions, street furniture). This represents a 21.6 percent annual decline from 4.03 million square meters in November 2023.

Non-residential constructions accounted for 1.68 million square meters (53.1 percent of the total), declining 23.7 percent year-on-year. Residential constructions accounted for 1.41 million square meters (44.5 percent), declining 21.4 percent annually.

The average cost of construction in November 2024 was P12,393.29 per square meter, 16.7 percent higher than P10,621.65 per square meter in November 2023.

Residential buildings had the highest average cost at P12,492.97 per square meter, followed by non-residential constructions at P12,466.97 per square meter and additions at P8,909.53 per square meter.

Among residential constructions, residential condominiums had the highest average cost at P15,039.59 per square meter, while other residential types (e.g., container van houses, staff housing) had the lowest at P8,765.49 per square meter.

Among non-residential constructions, commercial buildings had the highest average cost at P15,746.71 per square meter, while industrial buildings had the lowest at P5,460.29 per square meter.