Contraction in residential building activity at the start of 2017

The first month of 2017 saw building activity with regard to new private sector-financed housing in South Africa contracting by a relatively large margin, based on data published by Statistics South Africa. Contractions occurred across all segments of new housing in both the planning and construction phases in January, except in the category of flats and townhouses for which building plans were approved.

Against the background of relatively low levels of consumer and building confidence, as well as trends in and the outlook for the economy and household finances, residential building activity is expected to remain largely subdued in 2017.

Read more here: Absa – Building Stats January 2017