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August sees record-high cancellations in Germany's housing construction sector
Posted on September 22, 2023 |
August saw project cancellations rise to 20.7% of companies, marking an increase from the previous month's 18.9%.
Projects once profitable in early 2022 now face feasibility challenges due to surging construction costs, higher interest rates, and reduced subsidies linked to stricter energy regulations.
A notable 44.2% of companies encountered order shortages in August, a significant surge compared to the 13.8% reported during the same period last year.
Financial difficulties afflict 12% of sector companies, the highest proportion seen in over three decades.