The City of Windhoek recorded the lowest value of approved building plans in 11 years, after 2,467 buildings worth N$1.75 billion were approved in 2022.
The municipality’s approval showed a 0.7% YoY increase in the number of plans approved but a 10.6% YoY contraction in value compared to 2021, according to IJG.
In December, the city approved 110 building plans, representing a 42.4% MoM decline from the 191 approved in November.
In value terms, the approvals were valued at N$48.6 million, down 58.3% MoM from N$134.6 million in November.
The total number of completed plans in 2022 was 1,020 valued at N$653.2 million, the lowest value since 2017, according to IJG.
In December, 79 building plans valued at N$39.1 million were completed.
According to IJG, the 12-month cumulative value of approved commercial and residential units declined in December, with the latter contracting for the 9th consecutive month on an annual basis.
“While construction activity in the private sector remains weak, some recovery was observed in the government sector. According to the Bank of Namibia’s December 2022 Quarterly Bulletin, the government’s expenses for public construction work programs grew by 22.9% QoQ and 11.5% YoY during Q3 of 2022. Whether this increased investment in construction work by the government will continue in the near term remains to be seen.”
