The month of July 2014 saw the planning phase of residential of building activity in the South African market for new housing showing strong growth on a year-on-year basis, as reflected by the number of building plans approved by local government authorities. However, the construction phase, i.e. housing reported as completed, showed a further contraction in July from a year ago, although the pace of contraction has slowed down significantly from previous months.
Against the background of trends in and prospects regarding the economy, household finances, and consumer and building confidence, residential building activity is expected to remain relatively subdued and stay around the levels of the past 4½ years towards the end of the year. Read more here – ABSA Building stats Jul 2014