PSA reports growth in Eastern Visayas construction activities 

The Philippine Statistics Authority (PSA) has reported an increase in construction activities in Eastern Visayas during the first quarter of 2022 with a growth of 5.4 percent compared to the same period in 2022, according to a report by Philippine News Agency.

The PSA regional office said in its report released on Monday there were 1,369 constructions in the first three months of 2022, higher than the 1,299 constructions documented in the same period a year ago.

The number of non-residential building constructions went up by 26 percent, from 262 constructions in January to March 2021 to 330 constructions in the same months in 2022, PSA Regional Director Wilma Perante said.

The total value of constructions in the region during the first three months of 2022 was estimated at PHP2.7 billion. This figure is 23.6 percent higher than the PHP2.1 billion total value of constructions in the same quarter of 2021.

The average cost of construction per square meter was estimated at PHP9,151 for residential buildings and PHP9,930 for non-residential buildings.

The boom in construction activities was attributed to the 41.9 percent growth in the total value of non-residential buildings, from PHP800 million in the first quarter of 2021 to PHP1.2 billion in the same period of 2022.

“Combined number of additions or alterations and repair of buildings increased by 21.0 percent, posting 150 constructions in the first quarter of 2022 from 124 constructions in the first quarter of 2021,” Perante added.

On the other hand, the number of residential building constructions declined from 913 in the first quarter of 2021 to 889 constructions during the quarter this year, a slight decrease of 2.6 percent.

The number of residential buildings comprised 64.9 percent of the total constructions in the region, while non-residential buildings and additions or alterations and repairs accounted for 24.1 percent and 11.0 percent, respectively.

PSA gathers data on construction statistics from approved building permits. (PNA)