The number of building permits approved in March 2024 fell 15.5 percent compared to the same month last year, according to data from the Philippine Statistics Authority .
Residential buildings accounted for the largest share of permits issued in March 2024, with 8,964 permits or 67.3 percent of the total. This category also saw the steepest annual decline, dropping 18.1 percent from 10,949 permits in March 2023. Single-family homes comprised the majority of residential permits .
Permits for additions, which involve expanding the height or area of existing buildings, and alterations and repairs of existing structures made up 3.1 percent and 6.2 percent of the total, respectively. Both categories saw annual declines, with additions falling 14.5 percent and alterations and repairs dropping 18.3 percent.
Meanwhile, the total floor area of construction projects in March 2024 was 2.84 million square meters, a 14-percent decrease from 3.30 million square meters in March 2023.
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