Building Permits y/y measure a changed in construction plans approved in the reference month compared to the same month a year ago.
The indicator is calculated based on the results of the survey conducted by Statistics South Africa among large municipalities. The respondents share data on approved construction plans and finished projects. Information about building permits issued to private companies is collected by email, telephone and fax.
Data on approved plans is not comparable to completed buildings, because not all permits result in construction start. Furthermore, if construction does not start within a year, the application should be submitted anew.
Data from the monthly survey is used for monitoring the state of economy and developing the monetary policy. It is also an important data source for GDP evaluation and for the calculation of the composite leading indicator of business cycles.
Growth in the number of approved permits indicates the expansion of the construction sector and a favorable economic situation in the country. Therefore higher readings are usually seen as positive for the local currency.
The chart of the entire available history of the "South Africa Building Permits y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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