Western Cape’s construction industry seems to have escaped the effects of South Africa’s downturn, with construction activities continuing to boost the local economy.
According to John Matthews, immediate past president of the Master Builders Association of the Western Cape (MBAWC), the latest residential property reports show that the Cape’s prices continue to escalate and there is no sign of a slowdown.
“We also continue to see high levels of activity in and around the Cape Town CBD, the V&A waterfront as well as the Atlantic seaboard and even further afield in the northern suburbs.
“These activities indicate the level of confidence that investors still have in the future of our city,” said Matthews.
“For how long this will continue with the current political turmoil as the backdrop, only time will tell. The credit downgrade will certainly cause foreign investors to think twice due to increased risk and this will affect our ability to create jobs which are so badly needed to maintain economic and political stability.”
He also highlighted some of the changes taking place in the industry that could have positive outcomes.
These included the publication of the draft Prompt Payment Regulations for public comment and the amended framework for the measurement of Broad Based Black Economic Empowerment (BBBEE) in the construction sector being submitted to Cabinet.
John Slingsby, the MBAWC’s new president believes in a bright future for SA.
“We, as the building sector, play a crucial role in laying the strong foundation on which to build a promising future. We have endured testing times before and we will use the same dedication to excellence that has brought us to where we are today to overcome the obstacles that we currently face,” said Slingsby.
Source: Construction News