The composite index of Building Plans Completed in Windhoek, Swakopmund, Walvis Bay and Ongwediva recorded a declined monthly growth rate of 23.1% in May 2021 when compared to a reduced growth rate of 19.8% in April 2021.
Building plans are described as an excellent economic barometer, as it creates direct jobs as well as income and tax revenue for the State, and significantly contributes to strong economic performance.
As such, this latest decline is not a promising sign for the uptick of domestic economic activity after the impact of the Covid-19 pandemic.
According to sectoral reports recently released by Namibia Statistics Agency (NSA), the Building Plans Completed index posted a declined growth of 11.9%, year on year.
The nominal value of the building plans completed during May 2021 amounted to N$111.8 million, compared to N$145.4 million recorded in the previous month. The value of building plans completed for May 2020 stood only at N$126.9 million.
“The decline in nominal value of building plans completed observed for May 2021 was mainly attributed to the nominal valuations of construction activities for Windhoek, Walvis Bay and Ongwediva, respectively,” reads the report.
In Windhoek, the Building Plans Completed index registered a monthly declined growth of 26.1% in May 2021, worse-off than a decline growth of 0.6% recorded in the preceding month. The year-on-year performance showed a reduced growth rate of 33.5%.
The report further stated that the decline recorded month-on-month was mainly reflected in the nominal value for additions and alterations of completed buildings, while the decline recorded year-on-year was attributed mainly to building plans completed for pools.
The nominal value of building plans completed in Windhoek stood at N$70.6 million in May 2021, compared to N$95.6 million and N$106.1 million recorded for April 2021 and May 2020, respectively.
Windhoek accounted for 63.2% of the total value of building plans completed in May 2021. - firstname.lastname@example.org