A look into the South African construction market and where we come in

The South Africa construction industry is growing steadily and is expected to reach a compound annual growth rate of 4.8% to reach a R100 billion by 2024. Like many others, the South African construction industry has been hard hit by the recent global pandemic, but with lockdown restrictions in South Africa coming to a near halt, the industry seems to be stabilizing again.

In this blog, we’re going to take a look at a few interesting facts about the industry and explore where we come into the picture. If you’d like to skip this, however, and get down to business with your search for quality construction equipment, please don’t hesitate to reach out to us!

 

Interesting facts about the South Africa construction industry

During 2016, the total nominal expenditure on construction works and related activities in South Africa totaled about R420bn with the sector generating around 1,483,000 employment opportunities across the formal and informal sectors. 

Investments in the country’s infrastructure accommodated for about 19.6% of the GDP in 2016, with public sector infrastructure investment contributing 6% to the GDP. The Government has echoed its commitment to infrastructure development by allocating R948bn over the next three years towards this endeavor.

South Africa’s high unemployment rate, however, coupled with the global pandemic as well as low household income saw the residential construction industry take a dip over the last decade. However, things seem to be taking a turn for the better. 

Thanks to critical government reforms, increasing competition between mortgage lenders and lower interest rates offered by South African banks, more and more people are able to afford their homes, resulting in the residential construction industry regaining a trend of growth in the country.

 

Where we come into the picture

GVB Fabrications is a place where those in the construction and manufacturing industries can come to find the best quality equipment in the country. With years of experience amongst us, we know what it takes to manufacture precise, durable, tough and sturdy equipment for several industries, namely construction, manufacturing and mining.

Our products range from simple concrete buckets and safety cages to more complex lifting equipment and conveyor systems. We love to provide nothing but long-lasting quality for all of our clients, no matter the industry they serve. If you’d like to learn more about the products we have on offer, get in touch with us today – we look forward to hearing from you!

For more information about COVID-19 please visit: COVID-19 Corona Virus South African Resource Portal