Cebu, being a second top Philippines province with the most number of building projects in the first quarter of 2019, instilled P8.22 billion into the thriving construction sector.
Philippine Statistics Authority (PSA) showed that Cebu approved a total of 2,025 constructions last quarter, reckoning for 5.4 percent of the total projects contributing to real estate Philippines .
Totaling to P3.08 billion, the main approved projects in Cebu were residential properties. The non-residential constructions amounted to P4.49 billion.
The second top region with most constructions to 4,880 was bagged by Central Visayas taking a 13. 1 percent share of the country’s building prosperity. Bohol also landed the fifth spot with 1,615 constructions taking a percent share.
Regional Director of National Economic Development Authority in Central Visayas, Efren Carreon, said the hustling construction industry can be credited due to the sustained demand for residential and commercial properties and the government’s infrastructure development. He also added that they foresee a sustained strong performance by the construction sector in 2019.
The regional economic growth data for 2019 is yet to be released by the government however, the growth in the construction business is perceived to be driven by the rising demand for residential, office and retail spaces.
A domino effect continues as the tourist boom reflects the expansion of the business process management (BMP) industry in the construction sector.
Approved building permits, demolition, fencing permits gained construction statistics and collected every month by PSA from local building offices.