THE value of private sector construction projects reached almost P100 billion in the second quarter of 2022, according to the Philippine Statistics Authority (PSA).
Data obtained from approved building permits showed the value of these projects amounted to P99.6 billion, an 8-percent growth in 2022 from the same period in 2021.
The amount covered 39,638 projects in the second quarter of 2022, which represented a contraction of 6.4 percent.
The bulk of these construction projects are accounted for by residential building constructions, valued at P49.27 billion, representing almost half or 49.5 percent of the total value of constructions during the quarter.
PSA said this amount increased by 3.5 percent from the P47.6-billion total construction value in the same quarter of 2021.
Among residential constructions, single houses had the highest value of constructions at P34.3 billion or 69.6 percent of the total.
The value of non-residential constructions, amounting to P44.06 billion, contributed 44.2 percent to the total value of constructions during the quarter.
This reflects a 21.7-percent annual increment from the P36.2-billion value of non-residential constructions in the same quarter of the previous year.
Among non-residential constructions, commercial buildings registered the highest value of constructions at P21.29 billion or 48.3 percent of the total.
In the second quarter of 2022, the value of constructions of addition, and alteration and repair to existing structures, amounted to P0.93 billion or 0.9 percent of the total and P5.34 billion or 5.4 percent, respectively.
The construction value for addition to existing structures expanded at an annual rate of 2 percent, while the value of constructions for alteration and repair of existing structures contracted 29.2 percent.
By type of construction, residential buildings reported the highest number of 28,411 constructions or 71.7 percent of the total number of constructions during the quarter.
This type of construction contracted 5.7 percent compared with the 30,139 constructions in the same quarter of the previous year. Majority of the total residential constructions were single-type houses with 24,727 or 87 percent of the total.
PSA said non-residential type of constructions ranked second with 6,646 or 16.8 percent of the total number of constructions during the quarter.
This indicates an increase of 5.7 percent compared with the 6,285 constructions recorded in the same period of the previous year. Most of the non-residential constructions were commercial buildings with 4,584 or 69 percent of the total.
Data showed that Additions, which refer to any new construction that increases the height or area of an existing building/structure, and alteration and repair of existing structures contributed 3.1 percent and 8.4 percent to the total number of constructions during the quarter, respectively.
Compared with their respective number of constructions in the same period of the previous year, addition-type of construction expanded at an annual rate of 0.1 percent this quarter, while alteration and repair contracted 28.9 percent.