Building activity in the South African market for new housing remained largely subdued in the first three quarters of 2016. The planning phase of new housing, reflected by the volume of building plans approved, contracted on a year-on-year basis up to September, whereas the number of new housing units completed showed very low single-digit growth over the 9-month period.
Against the background of trends in and the outlook for the economy, household finances and consumer and building confidence, residential building activity is set to remain largely subdued over the short to medium term.
Read more: Absa Building Stats September 2016
