The construction industry in South Africa is expected to rebound in 2022, and expand by 9.1% in real terms. The industry will then stabilize at an annual average growth of 3.1% between 2023-2025, although output will not return pre-pandemic levels during the entire forecast period.
The industry’s growth over the forecast period will, however, be supported by government investments on transport, energy, residential, telecommunication and industrial projects. The government’s support towards businesses and Small and Medium Enterprises (SMEs) is expected to boost business confidence. In November 2021, the National Treasury announced a plan to spend ZAR2.3 billion (US$142.4 million) in the current Financial Year (FY) (April 2021 to March 2022), to assist in rebuilding businesses affected by the third wave of the pandemic and reconstruct infrastructure that was damaged due to the civil unrest that erupted in July 2021 in the Gauteng and KwaZulu-Natal provinces. Click here to read full article