The Philippine Statistics Authority (PSA) has just released its latest report on construction statistics, revealing a slight moderation in construction activity during December 2024. The data indicates a decrease in both the number and value of construction projects compared to the same period in the previous year.
According to the PSA, the total number of construction projects approved in December 2024 reached a total of 10,809 permits. While still a significant number, there were 10.8% fewer projects compared to the same time last year (12,116 permits). This decrease was observed across various construction sectors.
Residential buildings continued to dominate the construction landscape, followed by non-residential buildings, which include commercial and industrial structures. However, the overall value of construction projects also experienced a downturn. The total value of construction projects amounted to 32.94 billion pesos, reflecting an 11 percent decrease compared to December 2023. Non-residential buildings accounted for the largest share of the total construction value. Among the regions, Calabarzon posted the highest total value of constructions at PhP 7.21 billion in December 2024.
In terms of floor area, the PSA reported a total of 2.63 million square meters of construction, marking a 20.7 percent decrease compared to the previous year. Non-residential buildings contributed the most significant portion of the total floor area.
While construction remains a vital sector of the Philippine economy, the data suggests a period of adjustment. Factors such as economic conditions, material costs, or regulatory changes may have contributed to this trend.
