Wave of cancellations in German housing construction at new high -Ifo
Germany's residential construction sector was again hit by a wave of cancellations in October, according to a survey published on Monday that showed a record number of firms reporting abandoned projects.
In October, 22.2% percent of companies reported cancelled projects, up from 21.4% the previous month, the Ifo economic institute said.
"It's getting worse all the time, with more and more projects failing due to higher interest rates and elevated construction prices," says Klaus Wohlrabe, Ifo head of surveys.
"In residential construction, new business remains very low and companies' order backlogs are diminishing."
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