CoW consistent with building plan approvals

Out of 271 approved building plans by the City of Windhoek (CoW) in October 2021, 86 were completed valued at N$58.4 million

24 November 2021 | Economics

While this does not read as a resounding comeback story for the construction industry, it does at least show that the flow of approvals remains consistent. IJG Securities

PHILLEPUS UUSIKU

In October 2021, the City of Windhoek (CoW) approved 271 building plans valued at N$221.7 million of which 200 were additions, commercial and industrial (2), and flats and houses (69).

During the corresponding month of 2020, a total of 306 building plans were approved valued at N$327.7 million, while in September 2021, 228 building plans were approved.

Out of the 271 approved plans in October 2021, 86 were completed valued at N$58.4 million. All commercial and industrial building plans were completed, while on 43 additions were completed. In addition, 41 flats and houses were completed during the period under review.

According to IJG Securities, during the period under review, the total value of approvals increased by 40.2% month-on-month to N$221.7 million.

Year-to-date, there have been 2 090 approvals valued at N$1.63 billion. This year-to-date figure is only 5.8% higher in value terms than at the same time last year. With only two months left in the year it is likely that the value of building plans approved in 2021 will be similar to that of 2020, IJG pointed out.

On a 12-month cumulative basis, the number of approvals rose by 13.9% year-on-year to 2 476 while the value of these approvals rose by 6.1% year-on-year to N$1.94 billion.

On a 12-month cumulative basis, the number of building plans completed fell by 22.5% year-on-year and 55.7% year-on-year in terms of value. The year-on-year change of the 12-month cumulative value of plans completed will likely remain negative for several more months as the effects of the pandemic and past lockdowns continue to weight on the figure, IJG sais.

Consistency

“While this doesn’t read as a resounding comeback story for the construction industry, it does at least show that the flow of approvals remains consistent,” IJG said.

Year-to-date, 1 326 additions have been approved at a value of N$608.5 million. Broadly consistent with 2020’s figures, this represents a 1.9% year-on-year decrease in number and 5.2% year-on-year increase in value from the same time last year. 43 additions were completed in October at a value of N$10.43 million. Given the large variance in both the number and value of additions completed over the last 24 months there is not much insight to be gained from looking at the month-on-month and year-on-year changes in the number and value of additions completed, suffice to say that October was a marginally below the pandemic-era average month for addition completions, IJG added.

Year-to-date, 733 housing units have been approved at a value of N$863.2 million. This represents a year-to-date increase in the number and value of residential units by 44.9% year-on-year and 29.6% year-on-year respectively. On a 12-month cumulative basis, the number of residential units approved increased by 59.1% year-on-year and 24.9% year-on-year in value, IJG aid.

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