The number of construction projects from approved building permits declined during the last quarter of 2023 while the value of projects increased, the Philippine Statistics Authority (PSA) said.
In its latest report, the PSA said that the number of construction projects reached 34,675 in October to November 2023, representing a 10.9-percent drop from the 38,909 approved in the same period of 2022.
During the said quarter, the combined worth of construction projects reached P111.14 billion, marking a 2.6-percent increase from the P108.28 billion recorded in the same period of 2022.
Of the total projects, residential buildings accounted for the majority, comprising 66.4 percent with 23,009 projects. This marked a 16.3-percent annual decrease in relation to 27,482 projects in 2022.
"The construction value of residential buildings amounted to P47.34 billion or 42.6 percent of the total construction value during the quarter," said the PSA.
This indicates an 8.5-percent decline from the P51.74 billion worth of residential building constructions in the same quarter of 2022.
Nonresidential projects, meanwhile, saw a 2.8-percent rise totaling to 7,607 and was valued at P55.21 billion, higher by 17.3 percent from the P47.06-billion construction value recorded the previous year.
The PSA said that Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) remains the top region with the most construction projects, comprising 25 percent of the total with 8,655 projects.
"Completing the top three regions with the highest number of constructions were Central Visayas with 4,541 constructions (13.1 percent) and Central Luzon with 4,449 constructions (12.8 percent)," it said.
In terms of the value of construction projects per region, Calabarzon also accounted for the highest portion at P30.84 billion, equivalent to 27.7 percent.
Following closely was the National Capital Region with P16.12 billion or 14.5 percent, and Central Luzon with P13.03 billion or 11.7 percent of the total.