Wave of cancellations in German housing construction at new high -Ifo
© Reuters. FILE PHOTO: Construction sites are photographed in Frankfurt, Germany, July 19, 2023. REUTERS/Kai Pfaffenbach/File Photo
In October, 22.2% percent of companies reported cancelled projects, up from 21.4% the previous month, the Ifo economic institute said. "In residential construction, new business remains very low and companies' order backlogs are diminishing." The real-estate sector was a bedrock of Germany's livelihood for years. Fuelled by low interest rates, billions were funnelled into property, which was viewed as stable and safe.
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