Cape Town secures lowest unemployment rate in last quarter of 2020
24 February 2021
According to the Quarterly Labour Force Survey for quarter 4 of 2020, released by Statistics South Africa yesterday, Cape Town has the lowest unemployment rate on the expanded definition of all metros, at 29%. Among the main contributing factors to achieving this result is the City’s strategic and targeted approach adopted to create the right conditions for growth. Our reliable infrastructure, including our ability to often provide one level of relief when Eskom loadsheds, as well as clean governance and business incentives, along with a dedicated Investment Facilitation Unit, are further motivating reasons for businesses to set up shop in Cape Town. Read more below:
The City of Cape Town, through the Enterprise and Investment Department, focuses on specific sectors which are poised for growth, and therefore best placed to attract the investment we need to create the right conditions for job creation.
‘The City provides funding to Strategic Business Partners (SBPS) to help in our pursuit of inclusive socio-economic growth. I am happy to announce that in just the last quarter of 2020, our SBPs secured R230 million worth of investment, created more than 1 200 jobs and trained 630 people for work opportunities.
‘Early on in the global pandemic, I convened an economic task team to design key interventions needed to help our business eco-system weather the storm. Our Economic Action Plan included relooking at how our SBPs spent the funding provided to ensure that they assisted businesses within the sectors,’ said the City’s Mayoral Committee Member for Economic Opportunities and Asset Management, Alderman James Vos.
The City’s SBPs include the Craft and Design Institute, Cape Town Fashion Council, Cape Clothing and Textile Cluster, the Cape IT Initiative, Wesgro, CapeBPO, Clotex, Cape Town Tourism, GreenCape and BlueCape. Most of these partner organisations are linked to industry sectors in which there is impressive potential for growth.
‘The City is busy implementing its Economic Action Plan. This shows that where there is a will to get the basics right and to implement needed initiatives, there is a way to get our economy to build back better than before,’ said Alderman Vos.