Building activity in the South African market for new housing showed some divergent trends in the first half of 2016. In the planning phase the volume of building plans approved contracted on a year-on-year basis up to June, with the number of new housing units completed recording some single-digit growth over the same period.
With regard to both the planning and construction phases of new housing, some divergent year-on-year growth occurred at a segment level in the first six months of year.
The country is currently experiencing tough economic conditions, impacting the household, business and residential building sectors over a wide front. Levels of confidence in these sectors of the economy have declined in the first six months of the year as a result. Residential building activity has not performed particularly well over this period and a significant improvement in building sector conditions is not expected over the short to medium term.
Read more here: Absa Building Stats Jun 2016