President Cyril Ramaphosa says South Africa’s construction industry is once again emerging as a key driver of economic growth, after accounting for more than half of all jobs created in the third quarter of the year.
Speaking at the Second Annual National Construction Summit in Boksburg, Ekurhuleni, on Thursday, Ramaphosa highlighted the sector’s strong performance as a sign of renewed economic momentum.
According to the latest Quarterly Labour Force Survey released by Statistics South Africa, the country’s unemployment rate dropped from 33.2% in the second quarter to 31.9% in the third quarter a decline of more than one percentage point. Overall employment rose by 248,000 during the period, with the construction industry contributing 130,000 of those jobs.
“Infrastructure is once again poised to be the flywheel of the economy,” Ramaphosa said. “Infrastructure investment is one of the most effective levers for stimulating economic activity. The latest employment figures clearly reflect an upswing in the industry.”
The president said the continued expansion of infrastructure projects would not only boost economic growth but also transform communities and improve livelihoods across the country.