Construction sector faces 30,6% decline in building completion

constructionConstruction sector faces 30,6% decline in building completion

Namibia’s construction sector faced a decline in December 2023, with the composite index for buildings completed experiencing a monthly decline of 30,6%.

According to the report by the Namibia Statistics Agency (NSA) on buildings completed, this comes as a 60,6% decrease in the previous month.

In December 2023, a total of 126 permits for completed buildings were issued across reporting towns, compared to 187 in the previous month.

During this period, the total value of completed buildings amounted to N$169,6 million.

Swakopmund emerged as the leader, registering 45,3% of the completed buildings, followed by Windhoek at 28,6% and Walvis Bay at 25,5%.

“These figures highlight a shift in construction dynamics across different regions.”

The industrial buildings completed index witnessed a monthly decline of 50% in December 2023, compared to a sharper drop of 93,9% in the previous month.

The year-on-year decline stood at 85,7%.

“Walvis Bay, in particular, recorded a 50,0% decline in completed industrial buildings. Residential building completions faced a monthly decline of 41,6% in December 2023, with the index dropping by 42,1% year-on-year.

Commercial building completions showed a monthly increase of 33,3% in December 2023, with Windhoek recording a 50% increase.

“This increase is a positive sign amid the broader decline, as a total of four permits were issued, compared to three in the previous month and two in December 2022,” noted the report

Data sources include selected local authorities from Ongwediva, Swakopmund, Walvis Bay and Windhoek.

The calculations are based on a base year of 2015, with the NSA monitoring the value and number of buildings completed for 24 local authorities monthly.

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