According to a recent report by Deloitte, Africa’s Africa’s construction industry will continue to expand through 2020 and beyond. The report noted that world’s fastest growing economic regions, with several countries making real, albeit tentative, steps into the global market.
Despite the fact that there are numerous challenges facing the growth of Africa’s construction construction industry there are some Key factors that have been helping the industry stay afloat.
The construction industry in Africa is a major driver for social change, accounting for a sizeable proportion of most countries’ Gross Domestic and Gross National Product. But what exactly is driving this growth, and how can the construction industry help cities keep pace with the rapid urbanization sweeping the African continent?
Government initiatives and regional investment
Most governments in the region i.e Kenya, Egypt, Nigeria, South Africa and many more have put initiatives to ensure that they promote both Domestic and International projects hence giving the industry more energies.
Most of the governments have sorted out to pump more funds towards developing new cities, promoting real estate industry, implementing bypass roads and construction of dams hence giving the industry more energy for growth.
They have been able to also partner with willing funders and recently the most benefiting country in the World in China.
Takeover of technology in construction
No doubt that technology has been able to get into Africa’s construction industry a thing which was not there in the past.
This has been made easy with the widespread availability of the internet and innovative design software has created a new generation of opportunities, with less cultural and physical boundaries than ever before
Greater natural exports demand
In the past few years the demand of construction materials were a little bit slow compared to the current situation.
According to Deloitte most countries in Africa doubled the importation of metals and other construction materials a clear indicator that the construction industry is on the boom.
Identifying future opportunities
With ongoing research and innovation most entrepreneurs have been able to have a look at the open opportunities in the future in the construction industry.
Thanks to the proliferation of the internet and the subsequent increased global awareness, developing nations now have a better understanding of the areas in which future opportunities in key public and private sector markets will become available.
Some countries such as Kenya have been able to dub movements like ‘VISION 2030’ which is geared towards setting goals and ensuring that they are attained.