Estimated Civil Tender Values: March 2024

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Estimated Civil Tender Values: March 2024

Tender values reached the highest level since July 2023, rising to R11.6bn in March 2024. However, this was only marginally higher (2.6 percent) compared to the same period in 2023, following the more robust (revised) 80 percent increase in February.  Kwazulu Natal showed the strongest increase, with tender values up an estimated R1.7bn, with provinces like Mpumalanga, and Western Cape also adding to the improvement.  However, compared to March 2023, tender values were weaker in North West Province (coming off a higher base), Limpopo, Gauteng, Free State, Eastern Cape and Northern Cape. Tenders releated to bridge and road construction improved, but the value of water related projects were lower.  Overall tender values improved by 7 percent in the 1st quarter of 2024 (nominal), with Kwazulu Natal, Limpopo and Mpumalanga showing the strongest increase in rand terms. Athough some momentum has been lost in terms of the value of the civil pipeline, the outlook has not yet turned negative, with growth prospects in tact for 2024. However, the cancellation and postponements rates remain concerning, with a particularly strong  increase in the number of civil projects placed on hold during the first quarter of 2024.

 

 

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ESTIMATED CIVIL TENDER VALUES MONTHLY.xlsx