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German housing construction sees unprecedented surge in cancellations in October
Posted on November 13, 2023 |
In October, a significant number of housing construction projects in Germany faced cancellations, as 22.2% of companies reported such cancellations, up from 21.4% in the previous month.
This situation is deteriorating due to increasing interest rates and elevated construction costs, leading to a higher rate of project cancellations.
In October, nearly half of the companies (48.7%) reported a shortage of new orders, which is an increase from 46.6% in September.
Comparatively, in October 2022, only 18.7% of companies faced this issue.
Presently, half of all residential construction companies in Germany are grappling with a shortage of new orders, and this problem is progressively worsening each month.