VBA performance with building formulas

I am having a performance issue with this code.

    

Application.Calculation = xlCalculationManual
mypath = "'L:\xx\"
p = "[xxx.xls]"
x = mypath & p

    lcolumn = Range("B3").End(xlToRight).Column

    For Each rCell In Range(Cells(4, 3), Cells(4, lcolumn))
        
        y = Cells(rCell.Row, 2).Address(0, 1)
        z = Cells(1, 2).Value & Cells(2, rCell.Column).Value
        q = Cells(1, rCell.Column).Address(1, 0)
        

        rCell.Formula = "=IF(" & y & "=" & Chr(34) & "Placeholder" & Chr(34) & ",0,vlookup(" & y & "," & x & z & "'!$C$12:$P$2000," & q & ",FALSE))"
    Next rCell

The above code takes forever to put the formula into each cell. However, if I change the code for rcell to "rcell.value=1", it flies through it. Is there a way to make the formula more efficient?

Thanks!

Not sure, but what if you change rCell.Formula to rCell.Value?

thanks for suggestion..did not make it any faster

Can you post the full macro? Maybe it would give additional insight.

That really is the full macro. See below

Option Explicit

Sub consolidation()

Dim mypath As String
Dim rCell As Range
Dim x As String
Dim y As String
Dim z As String
Dim q As String
Dim p As String

Dim lcolumn As Integer

Application.Calculation = xlCalculationManual

mypath = "'L:\xx\"
p = "[xx.xls]"
x = mypath & p


    lcolumn = Range("B3").End(xlToRight).Column

    For Each rCell In Range(Cells(4, 3), Cells(4, lcolumn))
        
        y = Cells(rCell.Row, 2).Address(0, 1)
        z = Cells(1, 2).Value & Cells(2, rCell.Column).Value
        q = Cells(1, rCell.Column).Address(1, 0)
        

        
        
        rCell.Formula = "=IF(" & y & "=" & Chr(34) & "Placeholder" & Chr(34) & ",0,vlookup(" & y & "," & x & z & "'!$C$12:$P$2000," & q & ",FALSE))"
    Next rCell
    
    
Application.Calculation = xlCalculationAutomatic
Application.Calculate
Application.ScreenUpdating = True

End Sub

I did some tests to confirm that the slow part is putting the formula into "rCell"