The value of private sector-led construction projects in the fourth quarter of 2012 surged by 53 percent year on year to about P67 billion amid faster-than-expected economic growth, data from the National Statistics Office showed.
Based on approved building permits, the value of new residential and non-residential projects—including additions and repairs—that were approved from October to December was also 4.2 percent higher than the P64.3 billion recorded in the previous quarter.
A year-on-year growth rate of more than 50 percent was recorded for the second consecutive quarter following a single-digit expansion in the second quarter, which marked a turnaround from a slump in the first quarter.
Related data from the National Statistical Coordination Board showed that the construction sector grew by 11.2 percent year on year in the fourth quarter last year based on 2000 prices.
The NSO said that, in terms of the number of approvals, fourth-quarter private construction projects went up by 13.5 percent year on year to 27,931 permits.
Compared to the previous quarter, the number of approved permits increased by 2.2 percent from 27,323.
In yearly terms, residential projects ballooned in value by 57.6 percent to P38.3 billion while the number of permits grew by 15.9 percent to 20,218.
With a total floor area of 3.9 million square meters, residential projects chalked up an average cost of P9,816 per sqm.
Single-type units continued to make up the most of residential building projects with 17,634 approved permits, or 87.2 percent of the total, for residences.
Single-type units accounted for P13.5 billion in value, covering a total floor area of 1.7 million sqm at an average cost of P8,043 per sqm.
Apartments made up the second-biggest batch with 2,215 approved permits, or 11 percent of all residential projects in the fourth quarter of 2012.
These projects were valued at an estimated P4.5 billion with a total floor area of 659,500 sqm, or an average cost of P6,862 per sqm.
Non-residential projects represented a total value P23.2 billion, up by 47.8 percent over the same quarter of 2011.
With 2.4 million square meters of floor area intended to be built, the average cost of non-residential projects reached P9,589 per sqm.
Of these, commercial buildings accounted for P14.7 billion, representing 1.5 million sqm at an average cost P9,527 per sqm.
Institutional buildings represented P4.7 billion in construction spending while agricultural structures chalked up P500 million.