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Building Plans Approved by Province and Type Jan 1994 - February 2024

In February 2024, building approvals nationally declined for the 8th straight month, with a 20% decrease year-on-year. Although the bulk of approvals were in the Western Cape, it was 18.8 percent lower compared to the same period in 2023, with Gauteng recording a steep 39 percent y-y decline. An improvement in mainly multi-unit housing demand in Kwazulu Natal, supported an overall increase of 14.8 percent, while a broad base improvement across all segments in Mpumalanga added to the province's robust 78 percent increase for the month. Other areas that showed an improvement for the month include the industrial sector in Eastern Cape, with a modeate increase also in industrial space approvals in Gauteng. The Western Cape and Gauteng, given the size of their respective economies, are key contributors to the current decline in national approvals, with the increases in lower capacity provinces not enough to pull the overall market into the black. The rate of decline in approvals (in SQM) accelerated to -16.3 percent y-y in the 12 months up to February 2024, from -14.5 percent the previous month.

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