Material shortages, increased prices and higher borrowing costs are affecting the construction industry.
(Photo: dpa)
Dusseldorf The slump in construction is getting worse – with dramatic consequences for the housing market: the German construction industry lost orders at the end of 2022 due to rising costs, as the Federal Statistical Office announced on Wednesday. The real order intake in the main construction trades fell by 5.6 percent in November compared to the previous month.
In civil engineering in particular, fewer new orders were received, while the decline was not quite as severe in building construction. In October there was still a rise of 7.3 percent, but this followed two falls in a row.
The general manager of the association of the construction industry, Tim-Oliver Müller, commented: “The bitter truth is: the housing market has collapsed.” The federal government’s goal of building 400,000 apartments per year was torn in 2022 and is unlikely to be achieved in 2023 or 2024 being.
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