PIA Press Release
Wednesday, January 04, 2012
Commercial, non-residential building construction in Leyte cheaper in Q2 last yearby Neil D. Lopido
TACLOBAN CITY, Leyte, Jan 4 (PIA) -- A decline was observed on the average cost per square meter both for commercial and non-commercial building construction during the second quarter in 2011 compared to the same period in 2010, the Leyte Provincial Statistics Office report said.
For commercial building construction, the average cost was pegged at P5,764 per square meter (sq m) or a decline of 17.9 percent compared to P7,017 area cost of construction during the same quarter in 2010. The value of construction for commercial buildings totaled P80.3 million with a total floor area of 13.9 thousand sq m.
Applications for the construction of stores had the biggest share recorded at 55 percent out of the total applications for the construction of commercial buildings while the applications for the construction of condominium/office building/banks/motel/ and other types of commercial buildings comprised the remaining 45 percent.
For non-residential building construction, the average cost was P6,031 per square meter which posted a drop of 13 percent from P6,935 per sq m during the second quarter of 2010. The total value for the construction of non-residential building was estimated at P117.4 million during the reference period with a total floor area of 19.5 thousand sq m.
Construction of commercial buildings topped all other types of non-residential building construction at 55.6 percent followed by the construction of institutional, agricultural and other non-residential buildings at 30.5 percent while industrial building construction shared 13.9 percent.
On the other hand, the average cost of construction of residential building amounted to P7,503 per square meter or a slight increment of 2.3 percent from P7,336 during the same quarter in 2010. Estimated amount for the construction of residential buildings reached P180.1 million with a total floor area of 24 thousand sq m.
Residential building is a building for which its major parts or more than half of its gross floor area is built for dwelling purposes with type such as single, duplex, apartment and/or accessoria and residential condominium while types of non-residential building includes commercial, industrial, agricultural, and institutional buildings. (PIA-8)