Construction Market Quarterly Update contains data from First Quarter of 2024, in which the Philippine Gross Domestic Product (GDP) posted a growth of 5.7 percent.
According to the preliminary data released by the Philippine Statistics Authority (PSA), indicates an annual decrease of 5.86 percent. Total number of constructions reached 37,853 in the first quarter of 2024 compared to 40,210 recorded in the same period last year.
The surge of construction activities was driven by the increase in building permits approved. Commercial buildings mostly contributed to the increase with 6,479 or 70.75 pecent.
FURTHER INFORMATION:
