Connect with us

Hi, what are you looking for?

Economy

Retail price growth of construction materials in NCR accelerates

RETAIL price growth of construction materials in Metro Manila accelerated to its highest level in nearly two years in October, according to the Philippine Statistics Authority (PSA).

The retail-level index, known as the construction materials retail price index, in the National Capital Region was 1.4% in October, the highest growth rate since February 2019’s 1.6%.

The October result compares with 1.3% in September and 0.7% a year earlier.

The index has been in positive territory for the 11th consecutive month.

The latest result was driven by higher growth in tinsmithry materials (2.2% from 1.7% in September); masonry materials (1.4% from 1.1); and painting materials and related compounds (1.8% from 1.7%).

The index for electrical materials sustained the 0.8% growth posted in September.

Price growth the following commodity groups slowed from the previous month: carpentry materials (1.2% from 1.3%); plumbing materials (0.6% from 0.9%); and miscellaneous construction materials (1.2% from 1.5%).

The retail price reflects construction activity on the level of small contractors or DIY home repair, and prices here are typically higher than those obtained by large contractors because of their ability to buy in bulk.

  “Clearly with the relaxed quarantine measures, there is already gradual recovery in the construction sector,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“Should construction continue to recover, then demand for materials will increase in lockstep with it,” he added.

Mr. Roces also said that there is a possibility that typhoons in late October and early November can push the index higher for November, led by basic categories such as carpentry and plumbing materials.

Typhoons Rolly (international name: Goni), the world’s strongest tropical cyclone so far this year, and Ulysses (Vamco) traversed Luzon earlier this month causing extensive damage in parts of Metro Manila and all over Luzon.

Last week, President Rodrigo R. Duterte declared a state of calamity over Luzon. — Marissa Mae M. Ramos

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

THE BANGKO SENTRAL ng Pilipinas (BSP) sees the country posting a wider balance of payments (BoP) deficit this year as the global outlook remains...

Investing

HMRC’s new penalty regime for late filing and late payments of VAT will be fairer but more complex with interest being charged on all...

Economy

Economic managers said they “strongly support” the creation of the Maharlika Wealth Fund (MWF), after lawmakers agreed to remove a provision in the bill...

Investing

If you’ve been waiting ages for an online order to arrive, you’re not alone. Companies including ASOS, H&M and JD Sports have been getting...

Investing

Ulster University economists expect the Northern Ireland economy to shrink next year, followed by a weak recovery in 2024. The Ulster University Economic Policy...

Investing

The number of people working in programming and computer consultancy has risen by more than 250,000 workers over the past decade, according to Census...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.