Murray Swart | 16 August 2023
More than a quarter of a million new jobs were created in Cape Town over the last year, with 56 000 added in the last quarter alone.
This is according to the latest Quarterly Labour Survey released by StatsSA, which noted a 7% year-on-year drop in the metro’s unemployment rate.
This equates to 263 000 new employment opportunities in the city.
‘Cape Town has now had five straight quarters of positive jobs growth, with the lowest unemployment rate of the metros,’ said CoCT Mayor Geordin Hill-Lewis.
‘This is such encouraging progress and we take great heart from the fact that a quarter of a million more Capetonians have work today than just a year ago.’
Hill-Lewis explained that the improved unemployment rate is evidence of how the Cape Town economy is booming and is now the heart of national economic growth.
‘When we speak about being a City of Hope for all, this is what we mean: getting more people out of poverty and into work. And for five straight quarters, this is exactly what is happening in Cape Town.’
‘Our city economy is growing faster and adding more jobs, primarily because our government is investing in infrastructure, focusing on beating loadshedding and working to be the easiest place to do business in Africa.’
‘This attracts new investment, and investment brings new jobs.’
‘More and more Capetonians are eager to be part of the workforce and have been able to find a place in it.’
He added that, in an effort to enable further job-creating economic growth, the CoCT is forging ahead with plans to end loadshedding over time alongside a record R43 billion infrastructure investment over three years.
Importantly, Cape Town’s labour absorption rate (percentage of employed working-age population) has eclipsed the pre-Covid rate, indicating that the city’s labour market has well and truly recovered and is now back to positive growth.
James Vos, the mayoral committee member for economic growth, said the City’s investment promotion and skills development programmes have spurred major gains across multiple industries.
‘Our projects have facilitated billions of rands in investments and led to the creation of thousands of jobs. Under the City’s Building Hope Budget, R41 million has been allocated for direct economic incentives to attract more investments and job opportunities to Cape Town.’
‘We have also built a strong training support system for entrepreneurs, small business owners and employees so that they can gain the skills needed in emerging and high-growth industries such as the green economy, call centres, tourism, and clothing and textile,’ Vos said.
‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’.