Germany's residential construction sector crisis continued to intensify in August with the number of project cancellations hitting a new high, mainly due to rising costs and higher interest rates, a survey from the ifo Institute revealed Tuesday.
In August, 20.7 percent of companies reported canceled housing projects, up from 18.9 percent in the previous month, the findings of a survey by the think tank showed.
"We haven't seen anything comparable to this since the survey began in 1991," Head of Surveys at ifo Klaus Wohlrabe said.
"The uncertainty in the market is huge."
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by Jyotsna V
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