The government's massive spending . 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As part of an ongoing trend, last year we again saw gross fixed capital formation continuing to decline. Please see www.pwc.com/structure for further details. +27 31 560 7289. We hosted an interactive webinar with construction, economics, and research subject matter experts to discuss report findings. Modular construction and emerging technologies can help productivity but introduce new risks as well. Key themes impacting healthcare systems and medical office owners and operators. Material shortages brought about by COVID-19 that interrupted the supply chain continued through in 2021. Smart project management toolswill makescheduling and budgeting more efficient. Members of the Associated Builders & Contractors invested $1.3 billion in 2020 alone toup-skillworkers. 7 Associated Builders and Contractors, Survey: ABC Members Invested $1.3 Billion in Construction Workforce Education in 2020, May 24, 2021. Supply-related project delays have contractors scrambling to extend expiring builders' risk policies. Partner | Chief Economist, PwC South Africa. Highlighting trends in the SA construction industry. Supply chain disruptions and material costs will also start improving, allowing stakeholders to open their margins again. Robots and wearable sensors improve efficiency and safety. This is due to increased employment (+4.2% y-o-y in 2022Q2) as well as higher gross earnings (+4.5% y-o-y) across the formal non-agricultural economy remuneration. The COVID-19 outbreak negatively impacted the market in 2020. Capital Spending. GDP from Construction in South Africa decreased to 105100.04 ZAR Million in the second quarter of 2022 from 107642.33 ZAR Million in the first quarter of 2022. Temporary employment services show resilience and flexibility, 7 intelligence facts shaping the recruitment industry, Employee flexibility drives changes in recruitment industry, Machine learning will continue to break boundaries, Discriminatory AI and disinformation powered by deep fakes, 5 trends shaping marketing and communication in 2022, Top 5 AI trends that will give organisations a digital advantage in 2022, Positive tech disruption drives 2022 business trends, 6 tech trends that will shake up the aviation sector, Key trade and investment trends in Africa - Part 2, Key trade and investment trends in Africa - Part 1. Modular construction provides the opportunity to practice a tradein a protected environment. 1 Marketplace, Construction industry still hammered by supply chain issues, September 7, 2021. The state received 11% (2015:9%) of value created in the form of direct taxes. This puts the industry in an uncomfortable reality: Cyber insurance is no longer optional. What's next? The OECD Economic Outlook is the OECD's twice-yearly analysis of the major global economic trends and prospects for the next two years. Construction 4.0 - Underlying Technologies, Use Cases and Telco Positioning Strategies : March 2022 $ 3495 Oman Construction Equipment Market - Strategic Assessment & Forecast 2022-2028 : May 2022 $ 2200 Synthetic Diamond Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027) 8ConstructConnect, Using Construction Tech to Attract Younger Workers, April 5, 2019. ? August 8, 2021. Aside from the regular updates to revenue and expenditure forecasts, it is imperative that the MTBPS also updates South Africans on key challenges to economic and fiscal sustainability. Members of the Associated Builders & Contractors invested $1.3 billion in 2020 alone toup-skillworkers.7. All rights reserved. Fiscal outlook: Large budget deficits and increasing public sector debt are forecast to continue. How will the industrys existing inertia fare against changing economic outlooks and uncertainty? Key Contacts and Websites 96. And more contractors are usingautomated construction robots and self-driving vehicles. The construction industry contributed R134.bn in gross value added at current prices to the South African economy in 2020 (2.7% share of the total GDP). The objective is to develop a framework for enhancement of talent management practices. Game players - the gig workers of the future? {{contentList.dataService.numberHits}} {{contentList.dataService.numberHits == 1 ? We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. The South Africa construction market size was $29 billion in 2021 and is projected to achieve an AAGR of more than 2% during 2023-2026. MTBPS expectations: Addressing six key challenges to economic and fiscal sustainability. The industry will then stabilize at an annual average growth of 3.1% between. Without financing, the plans will not materialise, and contractors can only benefit from financed projects that require building. Contractors are lucky if they can overpay for materials and stockpile. 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With South African unemployment at a record high and broader economic growth constrained, the fortunes of the construction sector have an impact far beyond the sector itself. Resilience in managing supply chain risk and labor shortages will be the industrys biggest issue in 2022. The downside is additional risk, particularly cybercrime. But in 2022, that risk won't stop the industry from moving confidently into the future. Working with a broker is the best way to counter the risks and boost resiliency. State of the South African construction industry in 2020 Associate Director. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. After a 6.4% decline and with the easing of lockdown restrictions, the construction sector is set to bounce back by 5.2% this year, but this was off a low base and the expectation is that growth expectations in the next three to five years will be broadly in line with the countrys economic growth projections of around 1.2% to 1.7% per annum. Budget 2022 planned for a 6.2% increase in Personal Income Tax (PIT) collections this year to R588bn. We have found that South African corporate revenues have been encouraging during 2022 so far. The construction industry will need 1 million new workers by 2024. Technology will continue its unstoppable march into all aspectsof construction,havinga profound impact onthe business. What will shape influencer marketing post Covid-19? Electricity stability and power supply is expected to remain a constraint on economic activity, and the impacts of the pandemic are an unknown, particularly due to South Africas relatively low vaccination rate. There's substantial risk management and insurance challenges, as well as opportunities. PwCs South Africa Economic Outlook (October 2022) report focuses on forecasts and expectations related to the MTBPS scheduled for 26 October 2022. The latest draft expands the definition of what infrastructure is to include private equity investments, which potentially will release more resources for infrastructure spend and this could then filter through to the construction sector. Those who were able to survive the past year or two have the potential to flourish if they stick to their niches, work smarter, and control costs through measures like extending the life of their equipment. The value added is a direct function of the level of investment in the industry as measured by the gross fixed capital formation (GFCF) in construction, which stood at . Furthermore, Corporate Income Tax (CIT) collections have increased 14.7% y-o-y in 2022/2023 to date, compared to a Budget 2022 forecast of a 15.2% y-o-y decrease. Alex is the regional Consulting Leader for the Kwazulu-Natal region and the Industrial Products & Construction sector leader for the Deloitte Africa firm. Smart project management toolswill makescheduling and budgeting more efficient. 11Forrester, Cybersecurity Trends, September 13, 2021. In 2022, the sector should not expect the rate of recovery we saw in the past few months, but there is some light at the end of the tunnel. The delta variant of the virus, along with natural disasters, set back supply chains for several materials.1 And unfortunately, these supply chain disruptions will continue in 2022. Africa's business revolution powered by technology, Regulators and bigtech tame the digital Wild West. the pay may not appealto younger workers, given the nature of the work. The South African construction industry is expected to grow by 6.1% in real terms in 2021 - up from a contraction of 16.5% in 2020. Go beyond cost and risk mitigation. The paper examines whether there is a key challenge perceived by construction industry stakeholders as affecting the development and growth of the sector. To purchase the full South Africa Construction Market Report and Construction Market Reports for . We are seeing increased confidence in construction capital spending moving into 2022. Read More >> In 2022, there is reason to be cautiously optimistic about the sectors growth, particularly if stakeholders continue working smarter to optimise opportunities and control costs. In the year ahead, the government remains hamstrung from a fiscal perspective as debt is still a concern, with expectations that the budget deficit will become less of a concern only by 2024/5. There remains general concern about South Africa from both foreign and local investors who are questioning the wisdom of committing to projects while the country continues to grapple with political infighting, corruption and policy uncertainty. Technology makes contractors and their customers vulnerable to ransomware, social engineering and other cyberattacks. That makes resilience in managing supply chain risk and labor shortages perhaps the most important issue for the construction industry in 2022. Statistics. 'result' : 'results'}}, Environmental, Social and Governance (ESG), A transfer of Eskom debt to the sovereign balance sheet, Actions to avoid Financial Action Task Force (FATF) greylisting, The backlog in processing critical skills visas, A framework for a comprehensive social security system, which forms part of the basic income grant (BIG) debate, Management of the public wage bill (currently under threat of a sector-wide strike), Progress with the Infrastructure Fund pipeline. Note: This report was released shortly before the MTBPS was delivered on 26 October 2022. Drone use is skyrocketing,9andindustrial-scale 3-D printingis moving beyond the proof-of-concept stage. In 2020 and 2021, a global pandemic was an unknown risk that the construction industry could never anticipate. By comparison retail. In this article, we consider the current state of the industry in South Africa and the outlook for 2021. Research Highlights This analysis addresses opportunities, challenges, and key drivers and restraints in the market. Though inflation and supply chain troubles are reminiscent of 2021, the contributing material components have shifted and new supply side issues have emerged. Transform how you acquire, manage, operate, and experience space with technology, Bringing projects to lifereducing costs, improving outcomes. In addition, from a macro perspective, the government is still battling with getting fiscal consolidation under control, which is one reason we are not yet seeing significant infrastructure investment from government's side. In aggregate for the nine companies analysed, market capitalisation decreased by 3% to R25bn as at 30 June 2016 (R25.9bn as at 30 June 2015). Global Real Estate Perspective November 2022, Multi-housing leading office conversion activity, 2022 Healthcare and Medical Office Perspective, Contact us - Real Estate Industry Services | JLL. The value of commercial building activity in the year 2019 amounted to AUD 45.6 billion as compared to AUD 42.34 billion in 2018. The good news is, the 2022 outlook for construction is favorable, with four main stories to keep an eye on this year: Supply Chain Fatigue Market fundamentals remain strong right now across the commercial real estate world. In 2019, the value added by the construction sector accounted for around 4% of GDP and it employed well over 1.3 million people. The Income Tax Act contains a number of group roll-over provisions which may assist corporates to restructure and simplify their operations and structures in a tax neutral manner. South Africa's construction sector is a key contributor to GDP and jobs, employing around 8% of the South African workforce. In the first six months of the period, PIT collections were actually 8.4% y-o-y higher. 2022 should be another rewardingbut challengingyear, and the industry looks to be poised to capture growth opportunities. In the short term, repair work for the destruction caused during the July riots should boost activity for the construction sector in 2022. Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. The investment programme is expected to create more than 1.8 million employment opportunities over the next decade. 9. The construction industry in South Africa is expected to rebound in 2022, and expand by 9.1% in real terms. 5 powerful video trends = 5 big opportunities. The industry will then stabilize at an annual average growth of 3.1% between 2023-2025, although output will not return pre-pandemic levels during the entire forecast period. Risk management continues to be a vital component of effective management for the construction industry having regard to the recent economic climate and more harsh operating conditions. HR Technology and Benefits Administration, Client-Side Project Management for HRIS Implementation, Boat, Yachts & Personal Watercraft Insurance, Construction industry still hammered by supply chain issues. After messaging fragmentation comes messaging consolidation, A year to be bold and other digital marketing predictions, 5 digital marketing skills trends to help you manage growth, Data gives marketers insights to connect with customers, Reflecting on 2021 and looking ahead into 2022, Culture, tech, social; shifts and new growth intersections in Africa, Ah Africa! The effective roll-out of the African Continental Free Trade Area agreement should provide considerable trade and investment opportunities for South African companies. Demand more from your real estate. The 2016 financial year once again got off to a poor start, with margins under pressure, tight liquidity and decreasing order books. Not having the materials or the personnel to complete a project on time can kill revenues and the bottom line. There are drawbacks: Alternative construction materials won't completely mitigate supply chain risk nor are they flawless. The winter storm that pounded Texas and the Southwest shut down production of chemicals used in making roofing membranes, making them virtually unavailable. Other new materials include bendable concrete, which has greater durability than regular concrete, reducing the need for costly repairs down the line. imports, with positive implications for South African export-oriented business enterprises. Thursday, April 28, 2022 at 9:22 PM by Peris Walubengo Jackline Wangare The South African economy is among the most vibrant in Africa. After years of being the next new thing that never quite took hold,alternative materials in construction will emerge in 2022. The biggest challenges to accelerating South Africas economic and employment growth are electricity load-shedding, a lack of skilled workers, and low private sector investment levels. The construction industry, a significant contributor to employment and growth in South Africa, has been in a slump since 2009. The first half of 2022 saw cost inflation persist at an elevated rate as strong construction demand competed with a broad range of global and local issues. The prize ahead, of course, is the red-hot North American construction market, which could get even hotter when taking into account the U.S. infrastructure bill. However, it will require input from and co-ordination with the construction sector for it to be successful. This is narrower than the National Treasurys February forecast of 6.0% of GDP due to expectations of revenue overrun of around R50bn. Resiliency will be essential to cope with these shortages as business opportunities surge. Alternative materials hold great promise but create risk management and insurance issues. By: Johan Gouws and Mohau Mphomela South Africa's construction sector is a key contributor to GDP and jobs, employing around 8% of the South African workforce. In this regard, policy certainty from government is key in building the necessary confidence from potential local and international investors. You are currently reading a sample of the South Africa Construction Market Report 2022. 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In this edition of the report, we look ahead at the annual Medium Term Budget Policy Statement (MTBPS) scheduled for 26 October 2022. And more contractors are usingautomated construction robots and self-driving vehicles. Please see www.pwc.com/structure for further details. In a word, it's shortages, specifically involving materials and labor. SA artists poised to dominate while TikTok still reigns supreme, SA's logistics sector is weathering the storm despite myriad challenges, Taking Africa's aviation sector to the skies, Safeguarding supply chain sustainability in a post-pandemic world, Forecasts for freight and logistics in 2022, A spike towards servicing global brands wanting to reach Africa, Automation, meaningful personalisation and privacy. We also expect the fiscal deficit to slowly narrow over the medium term. Featured PwC research: Mixed reviews on whether it is easier now to comply with tax obligations compared to 2018. 2010 - Fri Nov 04 03:11:54 UTC 2022 PwC. How do you connect in the knowledge-based era? Even with a boom in construction projects, it doesnt matter for contractors if they cant get anybody to work on them. Andrew Skudder,. The South Africa construction market research report provides detailed market analysis, information, and insights into the South Africa construction industry, including the growth prospects of the industry by market, project type, and construction activity. Theres a lot at stake: Technology stands to improve the industrys productivity as much as 60%,deliveringas much as $1.6 trillion annually in incrementalvalue. With South African. The average U.S. construction worker is 43 years old, and young people aren't lining up to work in construction.5, With a medianannualwage of$37,080,6the pay may not appealto younger workers, given the nature of the work. Over the next two years, growth is expected to remain affected due to the economic downturn caused by the pandemic across Africa's residential . The paper investigates the challenges influencing the performance, development and growth of the South African construction industry. Paid apprenticeship training programs are one solution,and vocational skills training programs especially help retention. Media Release 27 June 2022 Construction industry, 2020 According to the Construction industry report released by Statistics South Africa today, 11 000 construction jobs were lost between 2011 (484 000) and 2020 (473 000). One study showed that 75% of construction-related firms had experienced a cyber incident in the previous 12 months. While the seven years of weak performance have resulted in weaker construction companies, we nevertheless believe that the industry is well positioned to support the countrys development goals. The African construction market is expected to record a CAGR of more than 7.5% during the forecast period (2022 -2027). Watch on-demand now! Offer insight into the key drivers and restraints and their degree of impact over the next 5 years. The price index for roads increased by Read More >> Producer Price Index July 2022 August 25, 2022 | Comments 0 Annual producer price inflation was 18,0% in July 2022, up from 16,2% in June 2022. The theme highlights climate change as a growing threat to lives and livelihoods in Africa and mirrors the theme of the 2022 Annual Meetings. The engineering and construction industry has made a significant recovery from the 2020 recession, but it has also experienced multiple headwinds that are expected to persist. The MTBPS has the opportunity to provide more clarity to South African businesses on what the government is doing to address these challenges which are weighing on business confidence and job growth. This puts the industry in an uncomfortable reality: Cyber insurance is no longer optional. 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