What does the Western Cape’s construction projects mean for the province’s economy?

What does the Western Cape’s construction projects mean for the province’s economy?

The V & A Waterfront is the best thing that has happened to Cape Town in recent times and its growth continues to amaze, says the Cape Chamber of Commerce and Industry.

“When the waterfront development started there were complaints that it would take business away from Sea Point but what we have seen is that it has been a superb generator of economic activity,” said Ms Janine Myburgh, President of the Chamber.

“The waterfront turned Cape Town’s fortunes around and set the tone for the redevelopment of the CBD. We now have the best, safest and most prosperous city centre in the country,” she said.

More important, however, was the number of jobs that it had created and the investments and tourists it had attracted to the Mother City.

“The Chamber is particularly excited about the development of the new cruise liner terminal. Providing cruising holidays has become a big industry and now Cape Town will be better placed to gain a larger share of the business. And that, in turn, will create more jobs and more business opportunities,” Ms Myburgh said.

She has no doubt that this was one of the reasons why the Western Cape was doing better than the rest of the country. “We have been lucky in that in that commerce and industry here has been more diversified and we have escaped the worst effects of the slump in commodity prices. Our unemployment rate is lower and the prospects for our service industries are good. To some extent he have bucked the downward trend in the national economy but we still have a great deal to do. There is no room for complacency,” Ms Myburgh said.