info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Photo from the Star
After a decline witnessed in 2017, the construction industry is slowly recovered with the active residential projects.
Kenya National Bureau of Statistics' Leading Economic Indicators 2018 report shows a 2.9 per cent growth in the value of building plans approved to Sh239.64 million in June from Sh232.93 million recorded in May.
The value of residential buildings in June was Sh157.57 million and that of non-residential buildings was Sh82.63 million, according to the report.
Construction activities are expected to increase from increased government funding in the current financial year.
Approved allocation in the year 2018/2019 for housing, urban development and public works is set at Sh32.16 billion comprising of current expenditure at Sh3.06 billion and capital expenditure at Sh29.1 billion.
According to property manager Knight Frank’s 2018 first half market update, the state offered incentives like scrapping of levies charged by the National Housing Corporation, NEMA reduction of the corporation tax will facilitate the private sector towards taking up low income housing projects.
There are also plans to put up high rise building in areas with large populations such as Nairobi’s Eastlands which will boost the construction industry.
