{"id":33961,"date":"2022-11-22T17:18:35","date_gmt":"2022-11-22T15:18:35","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=33961"},"modified":"2022-12-15T15:11:02","modified_gmt":"2022-12-15T13:11:02","slug":"building-plans-october-2022","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/building-plans-october-2022\/","title":{"rendered":"Building Plans \u2013 October 2022"},"content":{"rendered":"\n
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The City of Windhoek approved a total of 262\nbuilding plans in October, representing a 10.5% m\/m increase from the 237\nbuilding plans approved in September. In value terms, the approvals were valued\nat N$157.4 million, rising 5.3% m\/m from the N$149.4 million worth of plans approved\nin September. Year-to-date, 2,166 building plans worth N$1.57 billion have been\napproved, up 3.6% y\/y in number terms but down 3.6% y\/y in value terms than at\nthe same time last year. On a twelve-month cumulative basis, the number of\napprovals climbed by 2.1% y\/y to 2,527 but in value terms declined by 1.9% y\/y\nto N$1.90 billion. A total of 88 building plans worth N$75.8\nmillion were completed in October.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

October saw 182 additions to properties\napproved valued at N$84.6 million, up 7.7% m\/m in number terms and 46.6% m\/m higher\nin value terms. Year-to-date 1,444 additions to properties worth N$784.8\nmillion received the nod, representing an 8.9% y\/y increase in number terms and\na 29.0% y\/y increase in value terms. On a 12-month cumulative basis, 1,692 additions\nto the value of N$929.3 million were approved in October which represents a 7.4%\ny\/y increase in number terms and a 27.7% y\/y jump in value terms. 34 Additions\nworth N$9.94 million were completed in October, notably down from the 52\nadditions worth N$17.78 million completed in September.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

67 New residential units were approved in October, slightly up from the 62 approved in September. In value terms, N$63.2 million worth of residential units were approved during the month, representing a 30.0% m\/m rise from the N$48.6 million approved in September but 22.4% lower than a year prior. Year to date, 673 residential units valued at N$631.9 million were approved, representing an 8.2% y\/y decline in number terms and a 26.8% y\/y contraction in value terms. October saw 780 residential units approved over the last twelve months, registering a 10.0% y\/y decline from the 867 units approved a year ago. In value terms, N$806.4 million worth of residential units were approved over the past 12 months, representing a 21.0% y\/y decrease. 52 New residential units worth N$62.92 million were completed during October, up 85.1% m\/m from the N$33.99 million worth of plans completed in September.<\/p>\n\n\n\n

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13 New commercial and industrial units valued at N$9.55 million were approved in October. While the number of approvals reached double digits for the first time since February 2020, the value of the approvals was tepid and came in below the monthly average reported for the year thus far. Year-to-date, 49 commercial and industrial buildings valued at N$153.7 million were approved, compared to the 31 commercial buildings worth N$156.8 million over the same period last year. This represents a 58.1% y\/y increase in number but a 2.0% y\/y drop in value. On a rolling 12-month perspective, 55 commercial and industrial buildings valued at N$168.3 million were approved in October, compared to the 34 approved buildings worth N$193.0 million over the corresponding period a year ago. This represents an increase of 61.8% y\/y in number but a 12.8% y\/y contraction in value. Only 2 commercial and industrial units worth N$2.98 million were completed in October, a sizable drop from the N$55.7 million worth completed last month.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The 12-month cumulative value of building plans\napproved dipped slightly in both nominal and inflation-adjusted terms, as shown\nin the figure above. This was largely led by the 12-month cumulative y\/y\ndecline in the value of commercial and industrial approvals as well as\nresidential units approved. The 12-month cumulative value (and number) of\nresidential units approved also contracted for the 7th<\/sup> consecutive\nmonth on a year-on-year basis. The cumulative number of building plans approved\nalso dipped slightly in October.<\/p>\n\n\n\n

The 12-month cumulative value of plans\ncompleted picked up slightly in both nominal and real terms, as displayed\nbelow. The cumulative number of building plans completed declined for the 18th<\/sup>\nconsecutive month (year-over-year) to 1,059 in October.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Overall, appetite for new construction remains mute evident from the fact that October recorded the second lowest year-to-date building plan approvals in value terms over the past 10 years, and only marginally higher than the lows of 2020. With high inflation and rising borrowing costs continuing to put pressure on the demand for building construction, 2022 is on course to end with the lowest annual building plan approvals value over the past decade. <\/p>\n","protected":false},"excerpt":{"rendered":"

The City of Windhoek approved a total of 262 building plans in October, representing a 10.5% m\/m increase from the 237 building plans approved in September. In value terms, the approvals were valued at N$157.4 million, rising 5.3% m\/m from the N$149.4 million worth of plans approved in September. Year-to-date, \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,6],"tags":[],"class_list":["post-33961","post","type-post","status-publish","format-standard","hentry","category-buildingplans","category-economicresearch"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/33961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/comments?post=33961"}],"version-history":[{"count":3,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/33961\/revisions"}],"predecessor-version":[{"id":34247,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/33961\/revisions\/34247"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=33961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=33961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=33961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}