Construction remains weak even as the domestic economy is slowly reopening, as building costs during the traditionally active first quarter declined.
Based on the Philippine Statistics Authority’s Construction Statistics from Approved Building Permits, the total value of constructions went down 12 percent to 80 billion pesos during the period from 91 billion pesos in the comparative period in 2020.
The number of construction projects during the January to March period only inched up by one percent to reach 33,627 projects.
The Philippine economy was slowly reopening in most parts of the first quarter only to be placed under the strictest quarantine measure toward the end of March.
Still, the appetite for construction activities has yet to fully resume as worker availability remains limited due to lockdown-related mobility restrictions.
Residential construction made up 70 percent of the total number of projects during the period.