Private constructions down by 24.44 pct in 2018 Q4

THE total number of private constructions in Guimaras province decreased by 24.44 percent in the fourth quarter of 2018 due to the nearly two-fold drop in non-residential projects.

The preliminary results of construction statistics from the approved building permits in the fourth quarter of 2018 revealed that the number of constructions reached at 34 lower than the 45 recorded figure during the same quarter in 2017.

Meanwhile, the number of residential building constructions remains unchanged at 5 during the same periods.

Compared to other provinces of Western Visayas region, Guimaras came second after Antique, with the least number of constructions on both residential and non-residential types. Iloilo province registered the highest, numbering to 1,074, of which 88.18 percent were residential and 11.82 percent were non-residential.

Negros Occidental closely followed with 1,056 total constructions comprised mainly of residential with a share of 84.38 percent. Following the two big provinces are Aklan and Capiz with a large gap having a total of 237 and 173 constructions, respectively. Antique recorded the least number with 16.

In terms of floor area, Iloilo dominated the largest total floor area of constructions during the 4^th quarter of 2018 having 265,533 sq. m., comprising 51.91 percent of the regional total estimated area with a total value of Php5.89 billion.

The Province of Negros Occidental came second with 147,746 sq. m. assessed at Php1.87 billion pesos. Following at a distant were the provinces of Aklan, Capiz, and Guimaras with floor areas of 52,695, 37,343, and 5,653 sq. m. valued at Php585,798, Php432,923 and Php41,286 million, respectively. Antique had the least floor area with an estimated value of Php31,421 million contributing 0.53 percent to the total cost of the region’s private constructions.

The total value of constructions in Guimaras province estimated at Php41.29 million was lower by 48.43 percent compared with its level in the same quarter of 2017 at PHP80.07 million, pulled down by the 67.69 percent dropped in non-residential having a total value of Php20.51 million, lower than its Php63.67 million recorded during the fourth quarter of the previous year.

Residential constructions however, increased by 87.45 percent having a total value of Php18.97 million, however, the said increased did not offset the huge decreased in non-residential constructions.

Total average cost per square meter for the fourth quarter of 2018 approximated at Php7,303.43, translated a decrease of 25.03 percent over the same period of the previous year at Php9,741.48.

The average cost per square meter of residential constructions was estimated at Php7,124.99, higher by 1.54 percent compared with previous year’s average cost of Php7,016.92.

Moreover, non-residential construction had an average cost of Php6,855.38 per square meter during the 4th quarter of 2018, lower by 27.31 percent than the Php9,430.95 recorded value during the same period in 2017. The average cost per sq. m. of non-residential constructions speedily depreciated over time while the residential constructions slightly appreciated.