Building confidence index drops to 44

Financial services provider FNB and the Stellenbosch University’s Bureau of Economic Research Building Confidence Index fell back below 50 in the third quarter, after falling by nine points to 44. The fall was led by a sharp drop in the confidence of manufacturers and hardware retailers on the back of weaker sales and profitability. In contrast, building activity of main contractors, particularly in the nonresidential sector, improved.