THE value of construction buildings in the country increased to P398.93 billion in 2021 from P275.81 billion in 2020, with residential-type building constructions accounting for 53.1 percent of the total value of constructions in 2021, according to the Philippine Statistics Authority (PSA).
In the Construction Statistics from Approved Building Permits for 2021, PSA said the total value of construction of residential and non-residential buildings grew 44.6 percent from 2020.
The data showed the combined shares of the top three regions, in terms of value of construction, amounted to P234.08 billion or 58.7 percent of the total. These regions were led by the National Capital Region (NCR) which posted the highest value of construction of P104.75 billion or 26.3 percent of the total.
The data showed Calabarzon posted the second highest at P79.88 billion or 20 percent of the total; and Central Luzon at P49.45 billion or 12.4 percent of the total.
More than half or 53.1 percent of the total value of construction was accounted for by residential building construction, valued at P211.66 billion.
This amount, PSA said, expanded by 61.5 percent from the P131.08-billion total construction value recorded in 2020. The value of non-residential construction, P155.70 billion, accounted for 39 percent of the total construction value during the said year.
This reflects a 24.6-percent increase from the P124.96-billion value of constructions reported the previous year.
The data also showed that for 2021, the value of construction for addition to, and alteration and repair to existing structures amounted to P4.25 billion or 1.1 percent of the total and P27.32 billion or 6.8 percent, respectively.
Both types of construction recorded increases in their respective values compared with their previous year’s annual rates of 41.8 percent for addition to existing structure, and 62.9 percent for alteration and repair.
In terms of the total number of construction projects, PSA data showed there were 162,619, representing a 31.4-percent increase from the 123,783 total number of construction projects in 2020.
The data also showed the number of constructions declined at an annual rate of 28.5 percent.
Image credits: Bloomberg