In August 2024, private sector building approvals fell by 1.5% year-on-year to R8.4bn, despite moderate growth in square meters approved. Residential approvals rose, with strong growth in home renovations and smaller dwellings. However, approvals for multi-unit housing and office/retail spaces remained weak. Industrial building approvals surged by 197%, driving growth in several provinces. The Western Cape and Gauteng led in approvals, while KwaZulu Natal experienced a sharp decline due to reduced retail space. Overall, the construction market faces challenges due to high lending rates and poor investor sentiment, but future growth is expected as interest rates decrease and public-private partnerships expand. Click here to download full provincial details
