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CONSTRUCTION projects with approved building permits in October totaled 13,848, 4 percent higher than the 13,312 in the same period last year, data from the Philippine Statistics Authority (PSA) showed.Meanwhile, approved construction plans in September increased at an annual rate of 7.6 percent.Residential buildings topped the number of constructions at 9,003, or 65.0 percent of the total in October. The figures were equivalent to 5.4 percent of projects in the same period last year at 8,539.Non-residential buildings ranked second at 2,873 or 20.7 percent of projects in October. The numbers reflected a 2.2 percent annual rate of decrease.Additions, or changes in the height or premises of an existing building, and other construction in October made up 3 percent of the total, while alteration and repair of existing structures accounted for 8.3 percent.Compared to their respective numbers in the same period in 2023, the annual rate for additions dropped by 20.6 percent, while the rates went up for alteration and repair at 9.7 percent and other constructions at 53.7 percent.The total value of constructions in October amounted to P44.39 billion, indicating an annual increase of 21.9 percent from the P36.40 billion in the same period in 2023.Non-residential buildings worth P21.75 billion made up 49 percent of the total value of constructions in October, an increase of 35.8 percent from the P16.01 billion in the same period last year.Residential buildings worth P18.88 billion accounted for 42.5 percent of total constructions, up by 19.6 percent from the P15.79 billion in the same month in 2023.The P450 million worth of construction for additions was 1 percent of the total value, the P2.79 billion for repair of existing structures was 6.3 percent, and the P0.51 billion for other constructions was 1.1 percent in October.Compared to their value in the same month in 2023, additions to existing structures and alterations and repairs recorded annual decreases of 4.2 percent and 22.9 percent, respectively.Other constructions posted an annual increase of 2.5 percent in October.Overall, the average cost of construction in October was P10,596.33 per square meter (sqm), or 9.7 percent lower than the P11,739.68/sqm in the same period last year.Alteration and repair, other non-residential structures such as facades, helipads, niches, water tanks, etc., and other constructions, which include demolitions, street furniture, landscaping and signboards, were excluded in the average cost of construction since there were no floor areas for these types of construction.Residential buildings in October had the highest average cost at P11,448.35/sqm, followed by additions to existing constructions at P11,298.74/sqm and non-residential structures at P9,941.63/sqm.

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05.01.25 04:15

by manilatimes.net

Fed officials say job not done on inflation

TWO Federal Reserve policymakers on Saturday said they felt the US central bank's job on taming inflation was not yet done, but also signaled they did not want to risk damaging the labor market as they try to finish that job.The remarks, from Governor Adriana Kugler and San Francisco Fed President Mary Daly, highlight the delicate balancing act facing US central bankers this year as they look to slow their pace of rate-cutting. The Fed lowered short-term rates by a full percentage point last year, to a current range of 4.25-4.50 percent.Inflation by the Fed's preferred measure is well down from its mid-2022 peak of around 7 percent, registering 2.4 percent in November. That's still above the Fed's 2-percent target and in December policymakers projected slower progress toward that goal than they had earlier anticipated."We are fully aware that we are not there yet — no one is popping champagne anywhere," Kugler said at the annual American Economic Association conference in San Francisco. "And at the same time... we want the unemployment rate to stay where it is" and not increase rapidly.In November, unemployment was 4.2 percent, consistent in both her and colleague Daly's view with maximum employment, the Fed's second goal alongside its price stability goal."At this point, I would not want to see further slowing in the labor market — maybe gradually moving around in bumps and chunks on a given month, but certainly not additional slowing in the labor market," said Daly, who was speaking on the same panel.The policymakers were not asked, nor did they volunteer their views, about the potential impact of incoming president Donald Trump's economic policies, including tariffs and tax cuts, which some have speculated could fuel growth and reignite inflation.

Philippines