"In fact we have well over 4,000 new jobs, which is immensely encouraging. Cape Town is developing an international reputation for high quality of service and is attracting high calibre investors, both international and domestic."

The growth in jobs has been paralleled by a small increase in attrition, and above-inflation salary increases, both potential warning signs of increasing competition for skills.

However, Mills says Cape Town's attrition rate of 14 percent remains well below international norms, and is particularly impressive in an industry that has grown by 70 percent in just two years.