The latest data from FNB and the BER shows that those in the construction sector are not happy.
In addition, the core building confidence index – excluding building material manufacturers and hardware retailers – rose to 39 in Q3 2023, which, along with Q1 2023, is the highest reading since Q2 2018.
This improved business mood was underpinned by continued activity growth and a marked improvement in profitability. “Despite this, new building activity is robust, and order books are looking more promising. Several factors, including possible ongoing retrofitting of office space post-COVID and to deal with the energy crisis, semigration of firms to the Western Cape, and low technical base effects are contributing to this resurgence in non-residential building activity.”
“With the exception of some regions, mainly in the Western Cape, the residential property sector is struggling due to weak demand amid restrictive monetary policy. As a result, while there is work currently, the appetite for new residential buildings is starting to diminish somewhat,” Mkhwanazi said.Nevertheless, the confidence of architects and quantity surveyors also grew to 30 and 39 index points, respectively.
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