Number of building construction declined by 19.0 percent
- Approved building permits in the region during the fourth quarter of 2004 totaled to 388. The figure went down by 91 applications (19.0 percent) from 479 posted over the same quarter last year.M
- The decrease in applications was mainly due to the drop in residential and non-residential buildings. The biggest decline (29.0 percent or 97 applications) was experienced in residential building, from 334 in fourth quarter of 2003 to 237 in fourth quarter of 2004. This was followed by non-residential building with a decrement of 9 applications (13.64 percent) from 66 in fourth quarter of 2003 to 57 in fourth quarter of 2004.
- On the other hand, combined approved building permits for additions, alterations and repairs improved by 19.0 percent from 79 in fourth quarter of 2003 to 94 in fourth quarter of 2004.
- Across provinces, approved building permits in Camarines Sur posted the highest with 188, followed by Albay with 60, Sorsogon with 52; Masbate with 33; Catanduanes with 29 and Camarines Norte with 26.
Value of building construction decreased by 24.4 percent
- Proportional to the decrease in the number of approved building permits, the value of building construction during the fourth quarter of 2004 also declined by 24.4 percent to P271 million from P358 million in the same quarter last year.
- Similarly, value of construction for non-residential buildings declined by 30.6 percent to P80.1 million in fourth quarter of 2004 from P115.4 million in the same quarter of 2003. Residential buildings also decreased by 21.8 percent to P166 million in fourth quarter of 2004 from P212.3 million during the same period last year and combined value for additions, alterations and repairs posted a decrease of 18.1 percent to P24.6 million in fourth quarter of 2004 from P30 million in the same quarter of 2003.
- In terms of proportion to the total value of building construction, Camarines Sur remained the highest with a share of 38.3 percent valued at P103.8 million followed by Albay (23.5 percent valued at P63.6 million), Sorsogon (14.8 percent valued at P40.1 million), Masbate (11.0 percent valued at P29.8 million), Catanduanes (7.4 percent valued at P20.1 million) and Camarines Norte (4.9 percent valued at P13.3 million).
Average cost of residential building construction is P4,726.32 per square meter
- The total value of residential building construction was estimated at P166.0 million with a total floor area of 35,118 square meter or an average cost of P4,726.32 per square meter. The amount represents a growth of 6.2 percent in fourth quarter of 2004 compared to the amount posted during the same quarter last year.
- Most (94.9 percent) of the total approved building permits for residential buildings were applications for single type residential units. This consists of 225 approved building permits with a total floor area of 32,973 square meters valued at P156.7 million.
- Approved building permits for duplex/quadruplex was only 6 (2.5 percent) while 5 applications (2.1 percent) were received for apartment/accessoria. The least number of approved building permits for residential units was “others” with only one (1) approved building permit during the reference quarter.
Average cost of non-residential building construction is P6,714.55 per square meter
- Non-residential building construction had a total value of P80.1 million during the fourth quarter of 2004 with a total floor area of 11,932 square meters or an average cost of P6,714.55 per square meter. This represents an increase of 7.1 percent from the average cost recorded in the same quarter of 2003.
- Commercial buildings comprised 61.4 percent of the total applications for non-residential buildings. This type of construction totaled 35 approved building permits covering a total floor area of 9,733 square meters and an estimated value of P55.5 million. Approved building permits for institutional was 12 applications valued at P14.4 million; industrial buildings, 2 approved building permit valued at P432 thousand; agricultural buildings, 1 approved building permit valued at P280 thousand and others, 7 approved building permits valued at P9.5 million.
Value of commercial building construction reached 55.5 million
- Commercial building construction had a total value of P55.5 million during the fourth quarter of 2004 with an accumulated total area of 9,733 square meters from 35 approved building permits.
- In terms of value, approved building permits for stores with 12 applications valued at P26.7 million and an area of 4,532 square meters ranked first followed by other commercial building construction with 16 approved applications valued at P17.3 million and an area of 17,347 square meters. Condominium/office building with 3 approved building permit valued at P6.6 million and an area of 1,075 square meters ranked third, hotel/motel with 3 applications valued at P4.5 million and an area of 902 square meters ranked fourth while banks with 1 approved building permit valued at P400,000 and an area of 56 square meters ranked fifth.
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