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Construction in South Africa - Key Trends and Opportunities to 2024

Construction in South Africa - Key Trends and Opportunities to 2024

Summary

The South African construction industry has been in decline since 2017, with the industry's output value in real terms contracting by 3.3% in 2019. This decline is attributed to an economic slowdown, coupled with weak consumer and investor confidence, affecting public and private sector investments in construction projects. The negative impact will persist as the industry continues to be hit hard by the impact of high national debt, labor shortages, and little infrastructure spending amid a depressed economy.

The construction industry will contract further in 2020, due to the COVID-19 outbreak and the strict nationwide lockdown imposed on March 26th, coupled with a bleak economic outlook. According to Statistics South Africa (Stats SA), the industry's value-add at constant 2010 prices declined by 5.3% year-on-year in the first quarter of 2020. The industry will contract even further in the next quarter, as most of the construction activities were temporarily halted in April and May, before the industry was allowed to resume operations in June. The declining building permits for both residential and non-residential buildings will weigh on the industry's output over the short and medium terms.

The industry's output value in real terms is forecast to contract by 14.3% in 2020. Over the remaining part of the forecast period, construction output is expected to register an average growth of 1% between 2021-2024, as fiscal sustainability remains the government's priority in the short term. Public and private sector investments on transport infrastructure and electricity projects will drive the industry's growth over the medium to long term. The June 2020 supplementary budget shows a sharp deterioration in the fiscal outlook for FY20/21 and beyond. In comparison to the projections in the February budget, the Treasury now expects the consolidated fiscal deficit to more than double from 6.8% to 15.7% of GDP for the current fiscal year.

This report provides detailed market analysis, information and insights into the South African construction industry, including -
- The South African construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the South African construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline

Scope

This report provides a comprehensive analysis of the construction industry in South Africa. It provides -
- Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in South Africa, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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Construction in South Africa - Key Trends and Opportunities to 2024
Published By :GlobalData
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