I missed the State of the Nation address, but Chris Gilmour of Absa made mention of a comment from the president that on the surface makes no sense. He said: “By the end of March this year, starting from 2009, Government will have spent about R860bn on infrastructure.” He then went on to mention a few of the projects, but hold on – R860bn spent in the last four years? That’s about R215bn a year, yet the listed construction companies reported revenue for the last year of around R150bn between them. But then, if one thinks about it, he’s likely included all projects started and their values, not money spent. Hence the Medupi and Transnet spend would be included and that’s likely about half of that R860bn amount. So the silver bullet of infrastructure spend that construction CEOs and investors are waiting for is already happening and the industry needs to find another saviour.