Germany's construction sector finds itself facing a daunting challenge as it grapples with record order cancellations in the month of October. This alarming development has been largely attributed to the compounding effects of surging interest rates and relentless increases in construction prices.

Recent data reveals a concerning 22.2% of construction companies recorded canceled projects in October, marking a significant increase from the 21.4% reported just a month prior. To make matters worse, the proportion of construction companies experiencing a severe lack of orders rose to 48.7% in October, compared to 46.6% in September