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.

Environmentalist and Outdoor Enthusiast. Amanda is a nature-loving, energetic, and enthusiastic environmentalist who has dedicated her life to exploring and protecting Cape Town's stunning natural landscapes. She is an experienced hiker, wildlife enthusiast, and advocate for sustainable tourism.

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

The Anticipation Builds: Mamelodi Sundowns vs AmaZulu in Historic DStv Premiership Matchup

Football fans are eagerly anticipating the upcoming clash between Mamelodi Sundowns and AmaZulu FC in the DStv Premiership. Sundowns, with their impressive track record, is a force to be reckoned with, while AmaZulu is a renewed competitive spirit, making for a historic matchup. Social media is buzzing with excitement, and all eyes are on the game set to take place on December 6th at King Zwelithini Stadium in Durban. Ultimately, South African football emerges as the ultimate victor in this fiercely competitive league.

Can Sharks benefit from Shark Cage Diving?

Shark cage diving offers shark lovers an extraordinary opportunity to witness these ancient creatures in their natural habitat. Forget movies like Jaws and Sharkando, and experience sharks in the wild where you can see for yourself their great beauty. When booking your shark trip, it’s natural to ask yourself if shark cage diving does anything to benefit the sharks?  First and foremost, shark cage diving brings a significant amount of awareness of sharks and their plight. Many sharks are listed as endangered due to overfishing and other reasons, all by the hand of humans. Consequently, it’s humans that we need

The Dissonant Chord: Zahara in a Stir of Health and Finance

Zahara, a beloved South African vocalist, is facing health and financial issues that have left her in a difficult situation. She has been battling serious health conditions and needs more funds for tests before she can be added to the waiting list for a liver transplant. Unfortunately, her family is financially crippled and rumors surfaced that her sisters were misusing her funds for their own shopping sprees. Despite the difficulties, her fans eagerly await her return to the stage.

Jacaranda FM: An Entertainment Hub and Advocate for Food Safety

Jacaranda FM is a popular radio station in South Africa that offers a mix of English and Afrikaans content. Beyond entertainment, the station is committed to advocating for food safety, upholding regulations, and promoting responsible practices. It engages listeners through social media and online streaming, adapting to the digital age while remaining anchored in the community it serves. As a dynamic media giant, Jacaranda FM continues to evolve and grow, offering a comprehensive approach to addressing the daily complexities of its listeners’ lives.