Leyte construction costs up in Q4 of 2011
TACLOBAN CITY, Leyte, June 22 (PIA) -- The average cost of construction of residential and non-residential buildings in Leyte was higher during the fourth quarter of 2011 compared to the same period in 2010, the Leyte Provincial Statistics Office here disclosed in its special release.
The area cost of construction for residential building jumped by 11.1 percent from P6,755 in 2010 to P7,505 in 2011 with a total value for the construction estimated at P172.2 million for a total floor area of 22,900 square meters (sq m).
Value of construction for non-residential buildings reached P188.4 million during the reference period with a total floor area of 22,600 sq m or an average cost of P8,335 per sq m denoting a 46.9 percent growth compared to the P5,673 area cost during the fourth quarter of 2010 with the institutional buildings construction recording the biggest contribution.
In addition, around 18.4 percent growth was noted on the area cost of construction for commercial buildings from P6,185 per square meter in 2010 to P7,323 in 2011 in the same period.
Meanwhile, there was a 5.8 percent decrease in the number of approved building permit applications with 310 in the fourth quarter of 2011 compared to 329 in the same period in 2010.
Residential building is a type of building for which its major parts or more than half of its gross floor area is built for dwelling purposes. This can be of the single type, duplex, apartment and/or accessoria and residential condominium.
On the other hand, type of non-residential building includes commercial, industrial, agricultural and institutional buildings. (EOT/LDL-PIA8/NSO-Leyte)
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