Civil confidence slips to 43 in 2026Q1, signalling softer mood in construction

The FNB/BER Civil Confidence Index dropped sharply to 43 in the first quarter of 2026, down from 52 at the end of 2025, returning to levels last seen in mid-2025. The fall shows that sentiment among civil contractors has cooled even though recent activity, profits and order books remain above long-term averages. A weaker mood can matter for investors because confidence often precedes hiring, investment and the pace at which contractors bid for public and private infrastructure work. If firms become more cautious, project timelines and spending patterns could shift — affecting suppliers, construction-focused equities and credit exposure for banks that lend to the sector. The decline also adds a cautionary signal for the broader economy: the civil sector is sensitive to government capital spending and private construction demand, so a persistent drop in confidence could foreshadow lower activity in coming quarters. For more detail see the full announcement the full announcement.