The building industry and social transformation (april 2012)

THE STRATEGIC FORUM
www.strategicforum.co.za

Studium Ad Prosperandum

•• BUILDING RESEARCH
BUILDING RESEARCH
BMI
BMI STRATEGY CONSULTING
STRATEGY CONSULTING
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UNIT cc


Voluntas in Conveniendum Reg. No. 2002/105109/23

THE STRATEGIC FORUM
A place of assembly
for strategic conversations

Towards
Making sense of the Building-, Construction- and Property-Industry:
THE ROLE OF POLITICS ON THE BUILDING INDUSTRY
Dr. Llewellyn B. Lewis
APRIL 2012
BMI-BRSCU
© BMI-BRSCU


PROPERTY OWNERSHIP
LISTED PROPERTY SECTOR ENGINE FOR GROWTH EMPLOYMENT
MARKET CAPITALISATION AND WEALTH CREATION IN BUILDING & CONSTRUCTION
> R100 BILLION R3,8 TRILLION RES PROPERTY > 1 000 000 PEOPLE
R1,3 TRILLION NON RES PROPERTY

PRIMARY AND SECONDARY PROPERTY
MARKET ANNUAL HOUSING
NEED URBAN HOUSING
R267 BILLION PA MORTGAGE BACKLOG > 2,3 MILLION
ADVANCES PA (POP. GROWTH ONLY)
UNITS IN 2010
R1000 BIO MORTGAGES O/S 250 000
INTEGRATED HOUSING

FTHB SUBSIDIES
(1,9% OF BUDGET = R13,8 BILLION) RESIDENTIAL AND BUILDING INV.
(500 000 HOUSING UNITS) NON RES BPP AND R108,5* BILLION
INVESTMENT IN AFFORDABLE HOUSING BUILDINGS COMPLETED (BC) (20,8% OF GFCF)
(R1,4 TRILLION 2010-2020)

GOVERNMENT BUDGET GFCF
GDP
R798,9 BILLION R521,6 BILLION
R2663 BILLION (22% OF GDP)
(30% OF GDP)

GOVERNMENT CONSTR. INV.
TRANSFER DUTY
INFRASTRUCTURE SPEND R174,9 BILLION
R8- R9 BILLION PA
(R846 BILLION 2010-2020) (33,5% OF GDFI)
* When the UNRECORDED Home Improvement and Affordable Housing is taken into
account Building Investment = 30,5% of GFCF © © BMI-BRSCU
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PROPERTY OWNERSHIP
LISTED PROPERTY SECTOR ENGINE FOR GROWTH EMPLOYMENT
MARKET CAPITALISATION It is estimated that for every R1 CONSTRUCTION
AND WEALTH CREATION IN BUILDING & spent on
> R100 BILLION R3,8 TRILLION RES PROPERTY
“Unless the Housing Market infrastructure, R1.40 is added to aPEOPLE
R1,3 TRILLION NON RES PROPERTY
> 1 000 000 country’s

recovers, the Economy will not gross domestic product. PPP’s are the ideal
PRIMARY AND SECONDARY PROPERTY
recover.” (Warren Buffet, CNN, 4 October
vehicle for funding the gaps in infrastructure
MARKET ANNUAL HOUSING
2011)
R267 BILLION PA MORTGAGE NEEDAfrica. (Deloittes research, May 2011)
in URBAN HOUSING
(POP. GROWTH ONLY) BACKLOG > 1,5 MILLION
ADVANCES PA UNITS IN 2010
R1000 BIO MORTGAGES O/S 250 000
INTEGRATED HOUSING

FTHB SUBSIDIES
(1,9% OF BUDGET = R13,8 BILLION) RESIDENTIAL AND BUILDING INV.
(500 000 HOUSING UNITS) NON RES BPP AND R108,5* BILLION
INVESTMENT IN AFFORDABLE HOUSING BUILDINGS COMPLETED (BC) (20,8% OF GFCF)
(R1,4 TRILLION 2010-2020)

GOVERNMENT BUDGET GFCF
GDP
R798,9 BILLION R521,6 BILLION
The UK Government plan to promote R2663 BILLION (22% OF GDP)
(30% OF GDP)
building. “It clearly has recognised the
need to boost house building, both to GOVERNMENT
CONSTR. INV.
addressTRANSFER DUTY crisis and to
the housing INFRASTRUCTURE SPEND R174,9 BILLION
R8- R9 BILLION PA
create jobs.” (Business Day, 22 November 2011) (R846 BILLION 2010-2020) (33,5% OF GDFI)
* When the UNRECORDED Home Improvement and Affordable Housing is taken into
account Building Investment = 30,5% of GFCF © © BMI-BRSCU
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MAKING SENSE OF THE FUTURE

The STRATEGIC FORUM Scenarios
FOR THE BUILDING INDUSTRY: 2008-2020 HIGH ROAD
COLUMBUS SCENARIO
Property a PREFERRED Investment
Home Ownership PREFERRED
Trends in the Building Industry are inextricably BUOYANT GROWTH
responsive to, and influenced by INVESTMENT CLIMATE, Backlogs eliminated by 2015
BOUYANT GROWTH INVESTOR CONFIDENCE and PROPERTY DELIVERY.
> 5 % PA
GDFI > 25 % UPPER MIDDLE ROAD
Investor Confidence
OF GDP APOLLO SCENARIO
SUBSIDIES
3 - 5 % OF BUDGET
Property a GOOD Investment
Home Ownership DESIRED
AVERAGE GROWTH AVERAGE GROWTH
2 - 5 % PA
GDFI 20 - 25 %
Erosion of Backlogs
OF GDP
SUBSIDIES LOWER MIDDLE ROAD
2 - 3 % OF BUDGET
SOYUZ SCENARIO
LOW GROWTH Property an AVERAGE Investment
0 - 2 % PA Home Ownership QUESTIONED
GDFI 15 - 20 %
OF GDP
LOW GROWTH
SUBSIDIES Keeping pace with Population
1 - 2 % OF BUDGET

NEGATIVE GROWTH
LOW ROAD
< 0 % PA CHALLENGER SCENARIO
GDFI < 15 % Property a POOR Investment
OF GDP
SUBSIDIES
Home Ownership AVOIDED
< 1 % OF BUDGET NEGATIVE GROWTH
Investment Climate Increasing BACKLOGS

PROPERTY A POOR INVESTMENT / AVERAGE / GOOD / A PREFERRED INVESTMENT
BMI-BRSCU Paradigm Regression Paradigm Paralysis Paradigm Shift Paradigm Reinvention

ANIMAL SPIRITS AND CONFIDENCE

The MFA Composite Leading Indicator for the South African Building Industry (CLIBI)
recorded a peak of 69 in late 2004. The index dropped to 26 in 2009, reflecting a lower
turning point. This building indicator then moved sideways during the next eighteen
months. It rose to a level of 33 in the fourth quarter of 2011. The current reading for
the first quarter of 2012 is 37. This finding suggests that the long-awaited revival in the
South African building industry is presently underway.

?


George A. Akerlof is the Daniel E. Koshland
Sr. Distinguished Professor of Economics at
the University of California, Berkeley. He
was awarded the 2001 Nobel
Prize in Economics.
Robert Shiller is the best-selling Author of
Irrational Exuberance and The Subprime
Solution (both Princeton). He is the Arthur
M. Okun Professor of Economics at
Yale University.

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How the Macro Economy behaves
Rational

Economic theory incorporating
Conventional Economic Theory
“Animal Spirits”.

Akerlof & Shiller believe that the answers to
the most important questions regarding how
the macro economy behaves and what we
ought to do when it misbehaves lie largely
Economic theory incorporating Economic theory incorporating
(though not exclusively) within the three white
“Animal Spirits”. boxes)“Animal Spirits”.
RESPONS
Irrational

Non Economic Economic
MOTIVES © BMI-BRSCU


How the Macro Economy behaves

• The current model fills only the top right hand box; it answers the question:
How does the economy behave if people only have economic
motives and if they respond to them rationally?
• But that leads immediately to three more questions, corresponding to the
three blank boxes: How does the economy behave with non-
economic motives and rational responses? With economic motives
and irrational responses? With non-economic motives and irrational
responses?
• Akerlof & Shiller believe that the answers to the most important questions
regarding how the macro economy behaves and what we ought to do when
it misbehaves lie largely (though not exclusively) within those three
blank boxes)
• Their description of the economy fits the qualitative as well as the
quantitative facts, better than a macro-economics that leaves out
irrational behaviour and non-economic motives.
• Thus, they occasionally use statistics but for the most part, rely on
history and on stories. (Akerlof & Shiller: 2009: 168)


We are facing the same problem today as in the
later years of the Great Depression – business
today is inhibited by uncertainty about
Animal Spirits drive almost everything.
the future, about the tolerance of an
Animal Spirits are more
than angry public, about a disaffected labour
just confidence as force, and about what further
government actions may be coming.
measured by confidence
indicators. Animal Spirits are the forces that drives all of
this.
Five psychological factors are of particular
Declining Animal Spirits are the principal importance;
reason for the recent severe economic
crisis.
1. Confidence;
2. Fairness;
(Akerlof and Shiller: 2009: vii)
3. Corruption and bad faith;
4. Money illusion; and
5. Stories. (Akerlof and Shiller: 2009: ix)

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If this is what we mean by confidence, then we see
immediately why, if it varies over time, it
A confident prediction is one that projects should play a major role in the business cycle.
the future to be rosy; an unconfident Why?
prediction projects the future as bleak.
In good times, people trust. They make decisions
spontaneously. They know instinctively that
But if we look up confidence in the they will be successful. They suspend their
dictionary, we see that it is more than a suspicions.
prediction. The dictionary says that it means
Asset values will be high and perhaps also
“trust” or “full belief”. increasing. As long as people remain
trusting, their impulsiveness will not be
The word comes from the Latin evident.
“fido”, meaning “I trust”.
But then, when the confidence disappears, the tide
goes out. The nakedness of their decisions
The confidence crisis that we are in at the stand revealed.
moment is also called a “credit crisis”. The
When people are confident, they go out and buy;
word “credit” derives from the Latin when they are unconfident they
“credo”, meaning “I believe”. (Akerlof and withdraw, and they sell.
Shiller: 2009: 12)
Economic history is full of such cycles of
confidence followed by withdrawal
(Akerlof and Shiller: 2009: 12,13)

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The real problem is the conventional wisdom that
underlies so much of current economic theory.
The theory of animal spirits provides an So many members of the macro economics and
answer to a conundrum: finance profession have gone so far in the
direction of rational expectations and efficient
markets, that they fail to consider the most
1. Why did most of us utterly fail to important dynamics underlying economic
foresee the current economic crisis? crises. Failing to incorporate animal spirits into
2. How can we understand this the model, can blind us to the real sources of
trouble. (Akerlof & Shiller : 2009 : 167)
crisis, when it seems to have come out of the
blue with no cause? What has happened in the current financial
3. Why have the measures to forestall crisis, corresponds to what causes most of our
it falling short, while the economic authorities economic ups and downs: over-confidence
followed by under-confidence. The story in
publically express surprise at their this case was that the price of housing had
ineffectiveness? never declined (that is only a story, and it is
actually untrue) and therefore, that it would
just continue to go up and up. There was
We need to answer these questions if we are nothing to lose. This is the story of our time; it
to feel any confidence in economic policy in is the story of the business cycle that began in
the (future). (Akerlof and Shiller: 2009: 167) 2001. (Akerlof & Shiller, 2009 : 170)

© BMI-BRSCU


For some reason in the late 1990s and early 2000s, the idea that homes and
apartments were spectacular investments, gained a stronghold on the public
imagination in the United States and many other countries as well.

Not only did prices escalate, but there was palpable excitement about real estate
investments; one could see the animal spirits in action
everywhere.
It was the biggest home price boom in U.S. history. It extended over nearly a
decade, beginning in the late 1990s.

Prices nearly doubled before the bust began in 2006. While it lasted, this spectacular
boom mirrored in other countries as well, helped drive the entire world
economy and its stock markets.
In its wake, it has left the biggest real estate crisis since the 1930s. The so-called
sub-prime crisis, as well as a global financial crisis, the full dimensions of which still
have to be grasped. (Akerlof and Shiller: 2009: 149) © BMI-BRSCU

COURAGEOUS LEADERSHIP

It is hoped that business leaders will also find their voices to speak out boldly. In
this regard, the recent comments by Dr Johann Rupert to the Anton Rupert
memorial lecture, was enlightening.

“I’ve kept my word to Mamphela Ramphele, who
said that whites should start speaking out a little bit
without having the fear of being branded racists.”
Quoting from his own experience he went on to say that even “Big Business with
Government” meetings were orchestrated “powerpoint exchanges”. It was not
frank dialogue.

“And whenever any of us wanted to speak out our
fellow businessmen made sure that we were kept
quiet. So even the business leaders were very
reluctant to criticise, preferring the lobbying route.”
(Business Times, 26 October 2008).
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Ramphele said it was astounding that SA’s business
sector had remained largely silent, even on
failures that directly affected it.

This included the system of 23 sectoral education and
training authorities (Setas), funded by a levy of 1% of
payroll for businesses with an annual turnover of more than
R500 000, that was “clearly not working”. (Business Day, 3
December 2008)

The Setas, the labour department’s near-destruction of SA’s working
apprenticeship system and SA’s further education and training (FET)
colleges were producing “unemployable” graduates. This was
because there was not enough synergy between the college
curricula and industry needs.

“The private sector is too scared to upset (the
government) ... but its silence is creating the seeds of social
instability. Our people can’t read, write, or be usefully engaged,” she
said. (Business Day, 3 December 2008)
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“We need more civil society mobilisation. We can’t let people
lie to us about what they are going to do with our taxes, and
keep on voting for them.”

What SA required was strong leadership of the enabling kind, instead
of the traditional authoritarian kind, Ramphele said. The country’s leadership
needed to create a milieu in which South Africans could commit to tackling the
country’s dilemmas collaboratively. (Business Day, 3 December 2008)

(Other) conundrums included how to develop a professional, performance-
based, civil service; how to create an inclusive society while redressing
lingering historical imbalances; and how to deal with the “huge” unintended
consequences of some of the government’s “very good” policies.

These policies included black economic empowerment
(BEE), and the mass dismissal of white professionals from the
civil service, particularly the country’s engineers. (Business Day, 3
December 2008)

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Khoza, writing in Nedbank's latest annual
report . . . , said the country's “strange
breed” of leadership needed to adhere to the
institutions that underpinned democracy.
The political climate was not a picture of an
accountable democracy, he said.
“Our political leadership’s moral quotient is
degenerating and we are fast losing the
checks and balances that are necessary to
prevent a recurrence of the past.”
Khoza said South Africans had a duty to build
and develop the nation, but also to hold their
leaders accountable.
“We have a duty to build and develop this
nation and to call to book the putative
leaders who, due to sheer incapacity, cannot
deal with the complexity of 21st century
governance and leadership, cannot lead,”
said Khoza. (Busreo.co.za Newsletter, 6 April 2012)
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Business . . . challenged as wrong a suggestion
by the ANC that business must leave politics to
politicians.

“We disagree in the strongest possible terms
with the idea that business leaders should not
participate in our nation’s political discourse,”
said director for Business Leadership of South
Africa Friede Dowe in a statement.

“Businesses are corporate citizens. They and
the individuals who lead particular businesses
have not only a constitutional right of equal
importance but also a patriotic duty to join the
debate about a post transition South Africa.

“To suggest that politics should be left to
politicians is just wrong.” (Busrep.co.za, 6 April
2012)
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“. . . the Board is there to understand
the big picture, to understand the
relationship of the business with the
society, particularly with the
environmental issues, particularly with
the political issues, but to think in 30
year terms, not to think in three-year
terms.” (Bobby Godsell in Gleason:
2011: 149)

“I see myself as a person with vision in
our industry about building things and
innovating things and that is not a CEO
function necessarily” (Adrian Gore in
Gleason: 2011; 164)


“A mission statement in a
corporate sense is a
definition of purpose: it
circumscribes and defines
what you do. In a personal
sense a mission
statement, as opposed to
goals, is not what you want
to have, it’s not even what
you want to do, it’s who you
want to be, and that takes
some thinking.” (Mark
Lamberti in Gleason: 2011:
149)


Building: The Engine for
Growth and Wealth
Modeling Creation. Property a
cooperative preferred investment
behaviour
REINVENTION
Skills Training
and
INDUSTRY Development

Government Labour
Leadership, Enterprise
Lobbying, Development,
Advocacy BEE

Management
Cross
Training and
Productive functional
Development
capacity Networking
Alliances,
Joint Ventures

The Hot Spot Scenario: mapping emergence
(Based on Gratton: 2007: 145)


The more peers we can bring online for
the business of saving the world, the Building: The Engine for
easier the effort will be, and in a Growth and Wealth
Modeling
sense, the stronger we will each be. Creation. Property a
cooperative preferred investment
(Ramo: 2009: 240)behaviour
REINVENTION
Skills Training
and
INDUSTRY Development

Government Labour
Leadership, Enterprise
Lobbying, Development,
Advocacy Research has indicated that we can create jobs in six priority
BEE
areas. These are infrastructure
development, agriculture, mining and
Management beneficiation, manufacturing, the green economy and
Cross
Training and tourism.
Productive functional
Development We cannot create these jobs alone. We have to work
capacity Networking
with business, labour and the community
Alliances,
Joint Ventures
constituencies. (Pres Jacob Zuma: SONA: 2011)
The Hot Spot Scenario: mapping emergence
(Based on Gratton: 2007: 145)

DEVELOPING A NATIONAL VISION
www.npconline.co.za

Based on extensive research, engagement and consultation, the National Planning
commission (NPC) has identified nine challenges that constitute obstacles in
meeting our objectives.
The challenges are:
1. Too few South Africans are employed;
2. the quality of education for most black people remains poor;
3. Poorly located, inadequate and poorly maintained infrastructure;
4. Spatial challenges continue to marginalise the poor;
5. South Africa's growth path is highly resource-intensive and hence unsustainable;
6. The ailing public health system confronts a massive disease burden;
7. The performance of the public service is uneven;
8. Corruption undermines state legitimacy and service delivery;
9. South Africa remains a divided society.

© BMI-BRSCU

www.npconline.co.za

1. A democratic state, rooted in the values of the Constitution, working with all sectors of
society to improve the quality of life.
2. People are united in diversity, recognising the common interest that binds us as a nation, and we have
achieved greater equality for women in all aspects of life.
3. High-quality education and health care, and adequate provision of
housing, water, sanitation, energy and transport, give impetus to human development.
4. Natural wealth is harnessed sustainably, in a way that protects our environment, using science and
modern technology to ensure a growing economy that benefits all.
5. People who are able to work have access to jobs, workers’ rights are protected and the workforce is
skilled.
6. Business is afforded an environment to invest and profit while promoting the common interests of the
nation, including decent work.

7. An efficient state protects citizens, provides quality services and infrastructure, and gives
leadership to national development.
8. Individuals and communities, at work and at play, embrace mutual respect and human solidarity.
9. Government, business and civil society work to build a better Africa and a better world.

© BMI-BRSCU

www.npconline.co.za

1. A democratic state, rooted in the values of the Constitution, working with all sectors of
society to improve the quality of life.
The Vision must be a dream and must be made much
2. People are united in diversity, recognising the common interest that binds us as a nation, and we have
more compelling than what the NPC is trying to do in
achieved greater equality for women in all aspects of life.
3. High-quality education and health care, plan (perhaps it is rather a mission?). Why
its 10 point and adequate provision of
housing, water, sanitation, energy liketransport, givewe increase sustainable
not something and “together impetus to human development.
4. Natural wealth is harnessed sustainably, in a way that life of people” ? (Prof Stef
welfare and quality of protects our environment, using science and
Coetzee, Sakebeeld, 22 June 2011)
5. People who are able to work have access to jobs, workers’ rights are protected and the workforce is
skilled.
This is a well considered document that deserves the
7. An efficient state protectsattention of all thinking South and infrastructure, the gives
citizens, provides quality services Africans. We need and
political will to implement this and the plan which
8. Individuals and communities, at work and in play, embrace mutual respect and human solidarity.
follows later at the year. (Prof Stef
9. Coetzee, Sakebeeld, 22 June 2011)
Government, business and civil society work to build a better Africa and a better world.

© BMI-BRSCU

www.npconline.co.za

VISION

A democratic state, rooted in the values of the Constitution, working with all
sectors of society to improve the quality of life, build a better Africa and a better World.

MISSSION

This is achieved through:
1. High-quality education and health care, and adequate provision of
housing, water, sanitation, energy and transport, give impetus to human development.
2. Natural wealth is harnessed sustainably, in a way that protects our environment, using science and
3. People who are able to work have access to jobs,

5. An efficient state protects citizens, provides quality services and infrastructure, and gives
6. Government, business and civil society work to build a better Africa and a better world.

© BMI-BRSCU

www.npconline.co.za

VALUES

1. People are united in diversity through Ubuntu;

2. An efficient state protects citizens;
3. Individuals and communities, at work and at play, embrace mutual respect and
human solidarity;
4. Equality for women in all aspects of life;

5. Workers’ rights are protected, including access to decent work;
6. The workforce is skilled;

7. Promoting the common interests of the nation through
Openness, transparency, collaboration and accountabilty.

SLOGAN

A democratic state, rooted in the values of the constitution

© BMI-BRSCU

www.npconline.co.za

The NPC plays a role mobilising society around a vision and a development
plan. It does this through active engagement with the public, ensuring
that experts’ views are canvassed on its proposals, and through a wide
range of interactions. The commission has to carry out its functions
representing all South Africans, taking into account their views
irrespective of political outlook.

The NPC invites all South Africans to participate in this process to define a
shared vision for our collective future.
The Building Industry leadership needs to engage with the NPC in order to
contribute to the development of the National Vision for the Country
and for the Building Industry.

© BMI-BRSCU

STRATEGIC RESPONSE OF THE BUILDING INDUSTRY

Summarised MBSA Summit Decisions
 To investigate the establishment of a multi-
representative Industry Forum that would meet 2 to 3
times per annum
 To promote building as the Engine for Growth, nation
building and wealth creation (through home ownership) by
way of effective communication with leaders in all the
economic sectors
 To establish a Task Force to unpack the R846 billion
infrastructure budgets and investment for all public sector
work, including affordable housing; to determine the
impediments to the delivery thereof; to ensure a constant
work flow and uphold quality standards, measured against
annually assessed programmes, and to explore and
prioritise the effective implementation of national
infrastructure maintenance strategies.
 The formation of an inclusive forum to analyse the 8 000
projects within the Department of Human Settlements.
 To maximise employment opportunities by correct retro-
fitting of existing buildings; maximise reduction of carbon
emissions, and pursue green best practice approaches for
engineering services in line with” green building”. (February
2011)

© BMI-BRSCU

STRATEGIC RESPONSE OF THE BUILDING INDUSTRY

Summarised MBSA Summit Decisions

?  To investigate the establishment of a multi-
representative Industry Forum that would meet 2 to 3
times per annum
 To promote building as the Engine for Growth, nation
building and wealth creation (through home ownership) by
way of effective communication with leaders in all the
Towards developing a Co- economic sectors
operative mindset and cross  To establish a Task Force to unpack the R846 billion
boundary networking for the infrastructure budgets and investment for all public sector
Industry? work, including affordable housing; to determine the
impediments to the delivery thereof; to ensure a constant
work flow and uphold quality standards, measured against
annually assessed programmes, and to explore and
First step towards developing a prioritise the effective implementation of national
Vision for the Industry? infrastructure maintenance strategies.
 The formation of an inclusive forum to analyse the 8 000
projects within the Department of Human Settlements.
Asking the right questions.
Turning known unknowns into  To maximise employment opportunities by correct retro-
fitting of existing buildings; maximise reduction of carbon
known knowns. emissions, and pursue green best practice approaches for
engineering services in line with” green building”. (February
2011)

© BMI-BRSCU

STRATEGIC RESPONSE

NATIONAL ISSUES

INVESTMENT GROWTH EMPLOYMENT WEALTH PROPERTY ENVIRONMENT

Overarching vision aligned
with National Issues and ORGANISATION’S ROLE TOMORROW’S
ECONOMY
Vision, adapted and MARKETING LOGISTICS MANUFACTURING

customised by Industry and
VISION MISSION
organisations for their own The Building Industry is an The elimination of social
engine for growth and backlogs and inequities is
vision and values. wealth creation through achieved through the ENVIRONMENTAL
redistribution, property provision of sustainable SUSTAINABILITY
YESTERDAY’S development, ownership integrated developments,
ECONOMY and investment. and providing skills,
employment and BROAD FOCUS ON
entrepreneurial CONTRIBUTION TO
opportunities for growth. NATIONAL ISSUES

BORROW SOCIAL
BUY SUSTAINABILITY
VALUES
BURN The Industry has an igniting vision, a culture, or mind set of
co-operation, collaboration and cross-boundary networking; REINVENTION
and the productive capability to deliver SUSTAINABLE Doing well while doing
Environmental, Social and Economic solutions and based on good.
the unashamedly ethical values and code of
conduct of:
NARROW FOCUS • Ubuntu ECONOMIC
ON COMPANY • Integrity SUSTAINABILITY
• Respect
• Accountability
• Law abiding

SLOGAN
Building: An engine of growth & wealth creation © BMI-BRSCU

THE STRATEGIC FORUM

Studium Ad Prosperandum

•• BUILDING RESEARCH
BUILDING RESEARCH
BMI
BMI STRATEGY CONSULTING
STRATEGY CONSULTING
UNIT cc
UNIT cc


Voluntas in Conveniendum Reg. No. 2002/105109/23

THE STRATEGIC FORUM
A place of assembly
for strategic conversations

Towards
Building: An Engine for growth and wealth creation in
A democratic state, rooted in the values of the Constitution, working with all
sectors of society to improve the quality of life, build a better Africa and a better
World.
Dr. Llewellyn B. Lewis
April 2012 © © BMI-BRSCU
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The building industry and social transformation (april 2012)

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