While the national construction picture may not seem too rosy, prospects for the construction sector in the Western Cape are set to continue to grow over the next few years, helped by a good dose of residential construction.
This was according to Industry Insight senior economist David Metelerkamp, who told the Cape Construction Conference and Trade Expo in Cape Town that the construction sector would be one of the biggest drivers of the Western Cape economy over the next five years
- The sector was expected to grow at around 4% in 2015, rising to 4.5% in 2017
- Analysis was based on building plans, which gave a good indication of what was happening in the market as around 80% of building plans moved to the construction phase
- Western Cape definitely outperforms the national average, with fantastic growth in new residential construction in excess of 70% over the past year
- Growth was being driven by developments such as flats and townhouses, as well as privately built houses
- Development-driven projects in the Western Cape had seen a growth of 50% in the last year