4 South African Sectors That Increased Employment in 2024, Explained

According to Stats SA, four sectors have stood out for their significant increase in employment opportunities in the third and fourth quarter of 2024. Here is a a list of those sectors and a brief description of their business model.

1. Finance Sector (232 000 new jobs)

The finance sector in South Africa encompasses a broad range of financial services, including banking, insurance, asset management, and financial advisory services. Companies in this sector operate by providing financial products and services to individuals, businesses, and governments.

• Business Model: Financial institutions generate revenue through interest rates, fees, and commissions. They attract customers by offering competitive interest rates, convenient banking services, and personalized financial advice.

2. Manufacturing Sector (41 000 new jobs)

The manufacturing sector is a significant contributor to South Africa’s economy, producing goods for both domestic consumption and export. This sector includes various sub-sectors, such as food and beverages, textiles, chemicals, and automotive manufacturing. Companies in this sector operate by transforming raw materials into finished goods.

• Business Model: Manufacturing companies generate revenue by selling their products to retailers, wholesalers, or directly to consumers. They compete on the basis of product quality, price, and innovation.

3. Private Households Sector (18 000 new jobs)

The private households sector includes domestic workers employed by private households, such as nannies, housekeepers, and gardeners. This sector is significant in South Africa, where many households employ domestic workers.

• Business Model: Private households employ domestic workers directly, paying them a salary or wage for their services. This sector is driven by the demand for domestic services, particularly in urban areas.

4. Transport Sector (17 000 new jobs)

The transport sector in South Africa encompasses various modes of transportation, including road, rail, air, and sea. Companies in this sector operate by providing transportation services for people and goods.

• Business Model: Transport companies generate revenue by charging fares or fees for their services. They compete on the basis of price, reliability, and convenience.