HOME renovation activities have sustained the performance of the construction industry as people stayed at home because of the Covid-19 pandemic.
According to Cebu Home and Builders Center (CHBC) chief executive officer Michael Co, the pandemic has encouraged people to create a more safe and comfortable space for their families as work and learning were moved to homes.
Michael said the construction industry was initially affected during the second quarter when the lockdowns were implemented, but with the easing of the quarantine restrictions, around June 2020, customers started coming back.
“When people started staying at home, they started to sit back and relax and had a reset of their lives. People started taking care of their homes and themselves, and they started gardening and renovating their homes,” he said.
Michael noted that in the last quarter of 2020, sales picked up driven by the boom in the home renovation market.
“It’s the renovation industry that is sustaining the ecosystem,” Michael said.
Michael expects a market rebound to follow after Central Visayas will achieve a certain level of herd immunity because of the Covid-19 vaccination rollout.
Meanwhile, James Co, CHBC chief operating officer, said their branches are enjoying healthy foot traffic, but sales volume hasn’t reached the pre-pandemic levels.
“Before, big projects used to purchase millions and if you look at big projects now, it is just 50 percent capacity. Majority in the industry of developers are holding back on their construction projects,” said James.
To drive sales, CHBC is holding a big midyear sale from June 1 to 30, 2021.
The month-long sale will feature big discounts of up to 70 percent on tiles, sanitary ware and plumbing fixtures, chandeliers, lighting and do-it-yourself products in CHBC branches located in Banilad, N. Bacalso Ave., Mactan, Consolacion and Minglanilla.
The country’s construction industry is expected to bounce back this year as the government ramps up major infrastructure projects.
Fitch Solutions recently upgraded its growth forecast for the Philippine construction sector to 9.5 percent this year, near its average 10 percent annual growth before the Covid-19 crisis. (JOB)