As part of the City’s Council-approved budget for 2023/24, the City has allocated close to R200 million on various programmes aimed at assisting all sectors and levels of the economy from work seekers, entrepreneurs, small business and high growth sectors. Furthermore, the Economic Growth Directorate is planning on spending around R100 million on capital works on the City’s strategic economic assets and informal trading infrastructure. This is part of the City’s efforts to drive meaningful economic growth and to create an environment where Capetonians are able to thrive. Over the past year, 279 000 more people found jobs in Cape Town and it has maintained its status as the metro with the lowest expanded unemployment rate. To enable dignified living, a R2,6 billion capital budget has been approved for human settlements over the next three years.
The City’s Mayoral Committee Member for Economic Growth and Acting Mayco Member for Human Settlements, Alderman James Vos tabled the budgets of these two key directorates in Council. ‘Together with the Economic Growth as well as Human Settlements teams, we are utterly dedicated to unlocking Cape Town as a dignified place to work, live and thrive. Even though South Africa is in a dire state, we are doing all we can in Cape Town to build this City of Hope.
‘The Budget sends the clear message that all our programmes and initiatives are geared towards unlocking and enabling meaningful economic growth so that all in our city can have the chance at a dignified life.
279 000 more found jobs in Cape Town
‘Through our good governance and sound fiscal management over the years, we have put the basics in place and these foundations allow us to reach greater levels of service delivery and inclusive economic growth. Over the past year, 279 000 more people found jobs in Cape Town. Some 1,7 million Capetonians are now able to provide food and shelter for themselves or their families because they were working.
‘We’ve also maintained our status as the metro with the lowest expanded unemployment rate, according to a Stats SA report for the first three years of 2023. We are ready to do more.
‘Our interventions have enabled the investment of billions of rand into the local economy and part of our integrated growth initiatives also focus on workforce development, tourism, and partnerships with our Special Purpose Vehicles across target industries.
‘Through our sector support, for example, my team and I have seen that by working on the ground in specific high growth sectors, from factory floors to boardrooms, while engaging with potential investors both local and international, we are effecting real change that is making a real difference for Capetonians. And through our workforce development programmes, we are opening the door to training and job opportunities.
‘Cape Town has become a beacon of hope in a country that is facing harsh economic realities. But we have a long way to go. With this budget and through the purposeful pursuit of our mission to create opportunity for all Capetonians, we will continue being that light.’
The economics of housing delivery
‘Housing programmes should not only lift the living conditions of our most vulnerable residents, they should also be catalysts for meaningful economic growth in our communities. Land acquisitions and the development of residential opportunities in well-located areas, maintenance of the City’s rental units, the no-cost title deed transfer programme, upgrading of informal settlements, and construction of new homes are key pillars of our delivery. We saw a budget spent of more than 97% in the previous financial year. It shows we are delivering but we have much work to do.
‘With this budget, property by property, project by project, we can deliver more and more affordable housing options by creating the means to apply discounts when we dispose of City-owned land to the private sector, thereby unlocking the value for combined housing developments. In other words, extracting our highest socio-economic worth that equates to housing yield so that more Capetonians may be connected to economic opportunities and live lives of dignity. We’ve just published our social housing guidelines, and with 6 500 social housing opportunities in the pipeline, and through greater partnerships, we are ready to tackle the task at hand,’ said Alderman Vos.
Highlights: Projects under way in 2023/24 include:
- R2,6 billion capital budget allocation for the medium term, over the next three years
- R2,4 billion total human settlements budget for the 2023/24 financial year
- R341 million: Public Housing Upgrades and Maintenance
- R717 million: Breaking New Ground, social housing and incremental development projects
- R19 million: Backyarder service enhancement
- R251 million: Informal settlements upgrading projects
- 6 500 social housing units in the pipeline
