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Metro's Actual Capital Expenditure vs Budgets 2nd Quarter 2025/26 (December 2025)

Spending on infrastructure by South Africa’s major metros picked up in late 2025, with a noticeable improvement in activity during the second quarter of the 2025/26 financial year as at December 2025.  By December, metros had spent about a third of their budgets on key areas such as roads, housing, water and energy, pointing to a gradual recovery after a slow start.

Larger metros like Cape Town, Johannesburg and Ekurhuleni are leading the way, while others are still lagging behind. Roads and basic services infrastructure continue to drive most of the activity, highlighting the ongoing focus on maintaining and expanding essential services.

However, performance remains uneven across cities, with some metros showing limited progress in turning budgets into actual construction work. While the recent improvement is a positive sign, it is still too early to suggest a strong and sustained recovery in municipal infrastructure delivery.

Attached please find the Metro Capital Expenditure Dataset for the period September 2019 - December 2025 (available to subscribers)

 

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