Cape Town records lowest unemployment rate

The Cape Town government has once again proven its prowess in job creation, boasting the lowest broad unemployment rate among South African metros.

According to the latest Quarterly Labour Force Survey from Statistics South Africa for the fourth quarter of 2023, the city added an impressive 43 000 new jobs between October and December 2023.

This marks a significant 7.4% year-on-year increase in employment. A record-breaking 1.788 million people are now employed in Cape Town, the highest number since Stats SA first published the redesigned QLFS in 2008.

CAPE TOWN’S JOB CREATION SOARS

Since the current local government term began in November 2021, Cape Town has seen the creation of 363 000 jobs. This signals a positive trajectory for economic growth and development in the region.

Mayor Geordin Hill-Lewis expressed his optimism, stating, “All we do is aimed at growing the economy faster so we can lift more people out of poverty and into work over time. These numbers show we are on the right track.”

The surge in employment is especially noticeable in the trade and finance industries. This shows the success of campaigns led by the City.

Additionally, Alderman James Vos, the City’s mayoral committee member for economic growth, highlighted the success of these efforts. He attributed the gains to strategic investments in tourism and business process outsourcing (BPO).

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TOURISM THRIVES, EMPLOYMENT INITIATIVES SUCCEED

Cape Town’s tourism sector experienced a significant boost. A record number of international passengers passed through the city’s airport in December.

This influx contributed an estimated R1.9 billion in foreign direct tourism spend to the provincial economy. It underscores the sector’s vital role in driving economic activity and job creation.

Moreover, the City’s flagship workforce development programme, Jobs Connect, played a pivotal role in facilitating employment opportunities for Capetonians. A recent campaign helped secure over 12 000 employment opportunities, with a focus on call centre positions provided through CapeBPO, the City’s special purpose vehicle in the industry.

With ambitious infrastructure investment plans totalling R43 billion over three years, Cape Town remains committed to sustaining its economic momentum and creating more job opportunities for its residents.

As mayor Hill-Lewis affirmed, “Cape Town’s economy is growing faster, with this city at the heart of national economic growth.”