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Building Plans Approved Provincial Summary December 2023

Alongside a double digit decline in approvals for the month of December 2023, three provinces bucked the trend with robust growth. Housing demand remained depressed, but there was a mild uptick in smaller market segments, including renovations of non-residential buildings with three of the nine provinces reporting an increase in demand compared to the same month in 2022.  Total demand for private sector construction fell by double digit rates in 2023, following moderate growth in 2022. In total just under 12 million sqm were approved, with the value of approvals down R15bn to R95.5bn.

The bulk of approvals in 2023 were in Western Cape, but is also the province that recorded the strongest decline compared to 2022 (coming off a higher base). With fewer than 2 million sqm approved for multi-unit housing developments, Gauteng surpassed Western Cape, and recovered moderately with a 15 percent increase compared to 2022. Four of the five provinces recorded an increase in multi-unit housing developments approved during 2023, while six recorded an increase in office space approvals. Approvals of retail space increased three fold in two provinces. Thus while the overall outlook remains bleak, there are pockets of growth.

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