The FNB/BER Building Confidence Index dropped to a more than 20-year low of 13 in the first quarter of this year (Q1 2020).
This after rising to 25 in Q4 2019. The current level of the index indicates close to 90% of respondents are dissatisfied with prevailing business conditions.
All six sub-sectors surveyed registered lower confidence, led by architects and main contractors. In addition, quantity surveyor confidence is at its lowest on record.
No respondents in the building material manufacturing sector are satisfied with business conditions, says Siphamandla Mkhwanazi, property economist at FNB.