The contribution to GDP of the construction sector in South Africa has shown a consistent upward trend from 2013 to 2023. The value stood at 4.3 units in 2023. During the last two years, the year-on-year growth rates were 0.7% in 2023 and 0.7% in 2022. Over the last five years, the sector has experienced a Compound Annual Growth Rate (CAGR) of 0.59%, indicating a moderate but steady increase.
Future trends to watch for include:
- Increased urbanization and infrastructure projects that can boost the construction sector.
- Potential impacts of macroeconomic factors such as interest rates and government policies on construction investments.
- Technological advancements and sustainable building practices likely to influence future growth.
