Construction industry records massive growth

By Stanley James, Business Editor                            

ENERGY and infrastructure development projects dominated Zimbabwe’s construction industry activities during the first quarter of the year, with stakeholders focusing on consolidating the gains achieved.    

 According to the latest Construction Industry Federation of Zimbabwe (CIFOZ) report, the past two years have seen huge recovery in the sector on the back of massive government projects.

While giving an insight into the state of the sector since January, CIFOZ President, Mr Emmanuel Chimedza outlined how the awarding of contracts to local players has restored viability. 

“Several projects are still in progress while others have been finalised, however it is imperative to note that more energy and infrastructure projects are aiding to the growth of the industry,” said Mr Chimedza.

For building contractors, it is the ability by government, monetary authorities and industry to focus on consolidating the current gains in the wake of inflationary pressures and global shocks.     

“The road to stability is there what is needed is for us the players to tap into viable projects, identify current challenges and help economic decision makers,” said Mr Johnson Mikuku, a Contractor.        

The CIFOZ report notes that apart from the current recovery trajectory, value chains in the sector have also benefitted from the rise in demand for building materials, mortgage facilities and construction equipment, among others.      

Treasury expects the sector to contribute meaningfully to the achievement of the 5.5 percent growth target for this year.