Construction Market Quarterly Update contains data from Second Quarter of 2023, which the Philippine GDP posted a growth of 6.4 percent.
The Philippine Construction Industry grows by 3.5 percent, according the the preliminary data released by the Philippine Statistics Authority (PSA), indicates an annual decrease of 14.9 percent. Total number of constructions reached 36,136 in the second quarter of 2023.
The surge in construction activities was driven by the increase in building permits approved. Residential constructions reached 24,175 or 66.9 percent of the total number of constructions during the quarter.
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