February Building Plans Passed Down 44,2%

February Building Plans Passed Down 44,2%

The value of recorded building plans passed at constant 2005 prices in South Africa in February fell 44,2% year-on-year (y/y) from a revised drop of 53,7% (52,4%) y/y in January, data by Statistics South Africa showed on Wednesday.

A breakdown of the data shows that residential building plans fell a massive 56,3% y/y. This was followed by drops of –31,4% y/y and –20,2% y/y for additions and alterations and non-residential buildings respectively.

The total industry value in February was R3,175bn from R2,537bn in January and R5,688bn at the same time a year ago.

This comes after the building industry receded a revised 18,1% (17,2%) in 2008 from the total drop of just 2,4% in 2007.

The seasonally adjusted real value of recorded building plans passed by larger municipalities during the three months ending February 2009 decreased by 16,7% compared with the previous three months ending November 2008. The biggest decrease was reported for non-residential buildings (-21,3%), followed by additions and alterations (-18,5%) and residential buildings (-12,7%).

Building plans reported as completed at constant prices lifted 8,4% y/y from the 12,3% y/y rise in January. They lifted 1,2% in 2008. – I-Net Bridge