Cape Town’s Unemployment Rate Declines, Striving to Become Africa’s Premier Business Destination

1 min read
unemployment economic growth

Cape Town is making strides towards becoming Africa’s premier business destination, with a substantial decrease in unemployment. The city’s Mayor, Geordin Hill-Lewis, credits this achievement to maintaining the lowest unemployment rate across the metros. However, there is still work to be done to drive further economic growth, alleviate poverty, and create additional job opportunities.

Decrease in Unemployment Rate

The recent Stats SA Quarterly Workforce Survey (QLFS) for January to March 2023 revealed that Cape Town’s unemployment rate stands at 26% based on the expanded unemployment definition. This figure is 0.9 percentage points lower than the previous quarter and four percentage points lower than Q1 2022. These positive results mark the fourth consecutive quarter of employment growth for the city.

Between January and March 2023, an additional 40,000 Capetonians joined the workforce, bringing the city’s overall labor force to 1.7 million people. This achievement surpasses pre-Covid employment levels and represents the highest record of employment in Cape Town since the QLFS report’s introduction in 2008.

Investment in Economic Growth

Cape Town’s leadership has ambitious plans to become a beacon of hope for South Africa, showcasing the possibilities of reversing economic decline. In order to ensure continued economic growth, Cape Town is investing R2.3 billion in a plan to end load-shedding within three years. This plan aims to protect the city from Eskom’s first four stages of blackouts. Moreover, the city will also invest R43 billion in essential basic services infrastructure over the next three years, driving economic growth and creating jobs. This investment is projected to generate approximately 135,000 jobs in the city within three years.

Becoming the Most Business-Friendly City in Africa

Cape Town’s ambitious goal is to become the most business-friendly city in Africa. The recently launched Ease of Doing Business Index focuses on reducing the costs, time, and red tape associated with ten crucial indicators for businesses, including building plan approvals, basic service installations, and business licensing.

Alderman James Vos, the City’s Mayoral Committee Member for Economic Growth, is working closely with job-creating industries to help Capetonians access skills and job opportunities in various sectors such as call centers, craft and design, technology, green energy, boat building, tourism, clothing manufacturing, and property development. The Investment Facilitation Branch has secured over R34 billion in new investments and thousands of jobs in Cape Town since 2017. Through small business support initiatives, the city has assisted entrepreneurs in accessing the resources they need to succeed.

In conclusion, Cape Town’s decreasing unemployment rates and investment in economic growth demonstrate its commitment to becoming a premier business destination in Africa, promoting prosperity for its citizens, and setting an example for other cities in the country and the continent. Despite the challenges, Cape Town is striving to become a city of hope for all, working to make the region an attractive and thriving hub for business and employment opportunities.

Leave a Reply

Your email address will not be published.

Previous Story

Karl Bremer Hospital Awarded Gold Status in WSO Angels Awards for Stroke Care: A Comprehensive Look

Next Story

Cape Town’s Vegan Thrift Market: A Sustainable Shopping Experience

Latest from Blog

A Guide to City Office Closures and e-Services Availability: March-May 2024

Get ready for public holiday closures of city offices between March and May 2024, but don’t worry: the City’s eServices are here to help. From online payment options to appointment scheduling, the City has made it easy for residents to handle tasks from the comfort of their own homes. Plus, with the integration of QR codes and an online booking platform, efficiency is at an alltime high. Don’t miss out on the chance to embrace the digital shift and foster a culture of selfservice and digital literacy.

Cape Town’s Solar PV Revolution: The Advent of an Online Authorisation Platform

Cape Town has introduced an online solar PV authorization portal that has already authorized over 5,000 solar PV systems, contributing 126 MVA to the city’s energy grid. The innovative platform significantly reduces the time taken to authorize solar PV systems, ensuring safety measures within the energy sector. The Energy Services Application automates the issuance of Permission to Install Letters for specific types of applications, including smallscale residential solar PV and battery systems, and is available via eServices. The increasing demand for solar PV in Cape Town is evident, with the number of monthly applications tripling from 2021 to 2023.

Unveiling the Springboks’ Alignment Camp Dynamics

The Springboks’ Alignment Camp showcases South Africa’s rugby talent, including a diverse group of players from national leagues. Coach Rassie Erasmus excluded veteran player Deon Fourie and emerging talent Hacjivah Dayimani, sparking curiosity and debate. Erasmus assured fans that Fourie is still part of his plans and that Dayimani’s exclusion was due to areas of his game that need refinement. The alignment camp serves as much more than a talent showcase and offers a thrilling glimpse into the world of toptier rugby.

The Ongoing High-Profile Murder Case: Accusations, Revelations, and Legal Proceedings

The highprofile murder case of Kiernan “AKA” Forbes and Tebello “Tibz” Motsoane takes a dramatic turn as one of the accused, Lindani Ndimande, accuses the National Intervention Unit (NIU) of harassing and threatening his family. During his bail application, Lindani revealed that the NIU had brutally treated six of his family members, allegedly due to higherups within the police department. This case, which involves allegations of police misconduct and complex societal and economic factors, continues to captivate the public.

The Intriguing World of British Aristocracy: Rumours, Scandals and High Society

The *world of British aristocracy* is full of whispers and rumors, one of which involves Prince William and Rose Hanbury, the Marchioness of Cholmondeley. While unverified reports suggest an extramarital affair between the two, Hanbury denies the allegations. Hanbury, a socialite and mother married to the seventh Marquess of Cholmondeley, finds herself under public scrutiny due to insidious gossip probing her loyalty, serving as a reminder of the influence of public opinion and the power of storytelling in our society.