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Volume of construction projects down in Q4 2020

Republika

The number of constructions in the fourth quarter of 2020 registered a total of 31,026, indicating an annual decline of -20.9%. This was slower than the previous quarter’s annual drop of -30.4%. In the fourth quarter of 2019, the number of constructions decreased by -10.4% annually.

Residential had the highest number of constructions.


Based on records released by the Philippine Statistics Authority (PSA), residential reported the highest number of constructions during the quarter at 21,892 or 70.6% of the total number of constructions.


This type of construction dropped at a faster rate of -20.0% than its annual rate of -15.9% in the same quarter of the previous year. About 89.4% of the total residential constructions were single-type houses.


Non-residential constructions, which accounted for 15.1% of the total constructions during the quarter, ranked second. Likewise, it decreased at an annual rate of -29.4% relative to its count in the same period of the previous year. Majority (61.1%) of the non-residential constructions were commercial buildings.


Addition, which refers to any new construction that increases the height or area of an existing building or structure, and alteration and repair of existing structures had shares of 1.5% and 12.9%, respectively, to the total number of constructions. Compared with their respective annual rates in the same period of the previous year, addition-type of construction dropped at a rate of -66.1% this quarter while alteration and repair increased at a rate of 2.9%.


CALABARZON still registered the highest number of constructions with 6,368 constructions or 20.5% share to the total during the quarter.

Completing the top three regions were Ilocos Region with 4,199 constructions (13.5%) and Central Luzon with 3,589 constructions (11.6%).


In the fourth quarter of 2020, the total value of constructions was P 63.0 billion, which represents an annual decline of -46.6%. The value of constructions also dropped at an annual rate of -46.5% in the previous quarter and -12.1% in the fourth quarter of 2019.


Residential building constructions, valued at P 32.6 billion, accounted for 51.8% of the total value. This construction value shrank by -40.7% from the P 55 billion total construction value in the same quarter of 2019.


Value of non-residential constructions, which amounted to P 26 billion, accounted for 41.2% of the total value during the quarter. This translates to a -53.3% downturn from the P 55.6 billion value of construction in the same quarter of the previous year.


For this quarter, the value of construction for addition, and alteration and repair to existing structures amounted to P0.4 billion (0.6%) and P 4.0 billion (6.3%), respectively. Both types of constructions declined at an annual rate of -69.1% for addition and -34.3% for alteration and repair of existing structures.


The combined shares of the top three regions, in terms of value of constructions, totaled to P33. billion or 52.4% of the total. These regions were:


• NCR, P13.6 billion (21.6%)
• CALABARZON, P11.1 billion (17.6%)
• Central Luzon, P8.2 billion (13.1%)


The average cost of construction, excluding those for alteration and repair, in the fourth quarter of 2020 was P10,176 per square meter. It dropped at an annual rate of -12.7%, faster than the previous quarter’s annual decrease of -4.3%. In contrast, the average cost per square meter expanded by 1.9% in the fourth quarter of 2019.


Among residential constructions, condominiums had the highest average cost of P 15,271 per square meter during the quarter while other residential recorded the lowest at P7,995 per square meter.


For this quarter, institutional-type building constructions reported the highest average cost of P13,079 per square meter among types of non-residential buildings. On the contrary, agricultural-type building constructions continued to register the lowest average cost of P 4,418 per square meter.


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