March build plans passed drop 18,5%

March build plans passed drop 18,5%
2008/05/22

The value of South African recorded building plans passed at constant 2000 prices in March decreased by a telling 18,5% year-on-year (y/y) from a revised down 1% in February (previously down 11,1%), Statistics South Africa (Stats SA) data on Wednesday showed.
Residential building was the culprit as it recorded a 23% fall, while non-residential building was up 2,6%, but additions and alterations fell 20,7%.
That is the biggest fall in residential building since the –19,1% recorded in November 2007 and comes after an 8% increase noted in February.
The value of recorded building plans passed by larger municipalities at current prices during the first quarter of 2008 rose by 7,3% y/y compared with the first quarter of 2007. Two of the main categories of buildings contributed positively to this figure - non-residential buildings (18,7%) and additions and alterations (16,4%), Stats SA noted.
Building activity has come under a significant amount of pressure due to slowing housing demand and electricity shortages and delays in plans passed, and this is expected to continue. – I-Net Bridge
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March build plans passed drop 18,5%