Building constructions surge in October 2024

Building constructions in the Philippines picked up 4% in October 2024 from a year earlier to 13,848, based on the number of approved building permits, the Philippine Statistics Authority (PSA) said. This followed a 7.6% growth in September.

By type of construction, residential buildings accounted for the largest share at 9,003, or 65% of the total in October, rising 5.4% year-on-year.

Non-residential constructions reached 2,873, down 2.2% from a year earlier.

In terms of value, building constructions amounted to 44.39 billion pesos ($795.9 million) in October, reflecting an annual increase of 21.9%.

Non-residential building constructions surged 35.8% to 21.75 billion pesos.

Residential buildings amounted to 18.88 billion pesos, climbing 19.6% year-on-year.

The total floor area of constructions in October was recorded at 3.87 million square meters, excluding alterations, repairs, and other non-residential structures.

The total floor area expanded 40.9% year-on-year.