Construction projects up by 2% in Q4 2016Kris M. Crismundo

MANILA-- The Philippine Statistics Authority (PSA) reported a 2-percent growth in construction projects in the fourth quarter of 2016.

Data released by PSA on Wednesday showed that the total number of construction projects based on approved building permits in Q4 2016 increased to 32,282 from 31,638 in the same period in 2015.

The bulk of these construction projects were in the Calabarzon area, accounting for 7,510 projects or 23.3 percent of the total in the last quarter of 2016.

It was followed by Central Visayas with 3,342 construction projects; Central Luzon with 3,097; the National Capital Region with 2,694; and Davao region with 2,559.

On the other hand, the value of construction during the quarter rose 20.2 percent to PHP82.4 billion from PHP68.6 billion in the same quarter in 2015.

The number of residential projects during the quarter reached 24,572, worth PHP47.5 billion, while non-residential projects reached 3,981, valued at PHP29 billion.

Construction that involved addition, alteration and repair of existing structures numbered 3,549 projects, with a combined value of about PHP6 billion.

Source: Philippines News Agency