{"id":134890,"date":"2023-11-07T03:38:58","date_gmt":"2023-11-07T03:38:58","guid":{"rendered":"https:\/\/myfintale.com\/?p=134890"},"modified":"2023-11-07T03:38:58","modified_gmt":"2023-11-07T03:38:58","slug":"german-residential-construction-order-cancellations-climb-to-new-high-ifo-2","status":"publish","type":"post","link":"https:\/\/myfintale.com\/economy\/german-residential-construction-order-cancellations-climb-to-new-high-ifo-2\/","title":{"rendered":"German Residential Construction Order Cancellations Climb To New High: Ifo"},"content":{"rendered":"

Cancellations of residential construction projects in Germany rose to a new high in October as housing demand weakened further, results of survey by the ifo institute showed Monday, adding to signs of recession in the biggest euro area economy<\/span>.<\/p>\n

The share of companies that reported canceled housing projects rose to 22.2 percent from 21.4 percent in the previous month.<\/p>\n

“It’s getting worse all the time, with more and more projects failing due to higher interest rates and elevated construction prices,” Klaus Wohlrabe, head of surveys at ifo, said.<\/p>\n

“In residential construction, new business<\/span> remains very low and companies’ order backlogs are diminishing.”<\/p>\n

The October survey saw 48.7 percent companies reporting a lack of orders, up from 46.6 percent in the previous month. A year ago, the proportion was 18.7 percent.<\/p>\n

“The situation is putting several companies under threat, with one in ten having already reported financial difficulties,” Wohlrabe added.<\/p>\n

“The outlook for the residential construction industry remains bleak as companies brace themselves for hard times.”<\/p>\n

Expectations in the residential construction industry sunk to an exceptional low of -63.9 points in October, ifo said.<\/p>\n

Housing activity was again the worst-performing area of construction in September, the S&P Global purchasing managers’ index survey showed.<\/p>\n

The decline in residential building projects slowed from August, which had logged the worst fall for more than thirteen years, the PMI survey revealed.<\/p>\n

The S&P construction PMI survey for October is due on November 7. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cancellations of residential construction projects in Germany rose to a new high in October as housing demand weakened further, results of survey by the ifo […]<\/a><\/p>\n<\/div>","protected":false},"author":3,"featured_media":134889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nGerman Residential Construction Order Cancellations Climb To New High: Ifo - my finance tale<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myfintale.com\/economy\/german-residential-construction-order-cancellations-climb-to-new-high-ifo-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"German Residential Construction Order Cancellations Climb To New High: Ifo - my finance tale\" \/>\n<meta property=\"og:description\" content=\"Cancellations of residential construction projects in Germany rose to a new high in October as housing demand weakened further, results of survey by the ifo [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/myfintale.com\/economy\/german-residential-construction-order-cancellations-climb-to-new-high-ifo-2\/\" \/>\n<meta property=\"og:site_name\" content=\"my finance tale\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-07T03:38:58+00:00\" \/>\n<meta name=\"author\" content=\"Vogel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/myfintale.com\/wp-content\/uploads\/2023\/11\/German-Residential-Construction-Order-Cancellations-Climb-To-New-High-Ifo-1-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Vogel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/myfintale.com\/economy\/german-residential-construction-order-cancellations-climb-to-new-high-ifo-2\/\",\"url\":\"https:\/\/myfintale.com\/economy\/german-residential-construction-order-cancellations-climb-to-new-high-ifo-2\/\",\"name\":\"German Residential Construction Order Cancellations Climb To New High: Ifo - 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