Province: Western Cape
Economy in the province
The Western Cape's economy is growing at an average of 5% a year. By mid-2007, it was growing at 5,7%. Some 99 900 jobs had been created since 2004. The construction sector showed an average growth rate of 8% a year since 2004, resulting in full employment in the industry. Many of South Africa's major insurance companies and banks are based in the Western Cape. The majority of the country's petroleum companies and the largest segment of the printing and publishing industry are located in Cape Town. Information and communications technology (ICT) is one of the fastest-growing sectors in the province, and operations are being expanded to other countries. After Gauteng and KwaZulu-Natal, the Western Cape's manufacturing sector is the third-largest contributor to the national manufacturing sector. The clothing and textile industry remains the most significant industrial source of employment in the province. Cape Town remains the economic hub of the province, encompassing industrial areas such as Epping, Montagu Gardens, Parow and Retreat. Along the west coast, the Saldanha Steel Project has led to increased economic activity.
