NATIONAL NEWS - Between January and August 2022, the value of buildings completed in the Western Cape was R19.6 billion, representing a year-on-year growth rate of 42.1%, compared to R13.2 billion in Gauteng, with a year-on-year growth rate of 8.7%.

According to a statement issued on Friday 21 October by Western Cape minister of finance and economic opportunities Mireille Wenger, over the same period, the value of building plans passed in the province totalled R24.29 bn, representing a year-on-year growth rate of 25.2%, compared to R23.3 billion in Gauteng, with a negative year-on-year growth rate of -1.9%.

"Building plans passed and completed is a leading economic indicator, which signals confidence in the provincial economy. Buildings plans passed also bodes well for the construction industry and the jobs it supports down the line," said Wenger.

"This is the third month in a row in which the Western Cape has outperformed the country’s largest economy, Gauteng, in both the value of buildings passed and completed."

She quoted figures of Statistics South Africa’s ‘Selected building statistics of the private sector as reported by local government institutions’ report, released on 20 October 2022.

"This continued positive trend is very welcome and the Western Cape Government is committed to ensuring that it continues by focusing on substantially increasing fixed investment in the province with an emphasis on social infrastructure investments. We will do this so we can achieve the break-out economic growth we need to support private sector-led job creation which can lift people out of poverty," said Wenger.

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