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Building Plans Approved National Summary July 2024

Building Approvals Rebound in July, Non-Residential Surge Leads Recovery Amid Rate Cuts

In July 2024, private sector building plan approvals rose by 5.5% year-on-year (y-o-y), recovering from a 31% decline in June. Non-residential approvals surged by 61%, while residential approvals dropped by 16%. The Western Cape led in approved square metres but saw an 11.9% y-o-y decline, with Gauteng also contracting by 22.5%. Conversely, Kwazulu-Natal and Mpumalanga experienced significant growth. Retail space demand increased by 20.7% y-o-y, particularly in Gauteng, while Free State and Limpopo showed weaker demand. The South African Reserve Bank's 25 basis point rate cut is expected to boost residential demand over the next year.

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