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Ifo: Business Climate in German Residential Construction 'Somewhat' Improves in July

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The business sentiment among German residential construction companies "somewhat" improved in July, as the uptick in building permits began filtering through the sector, according to an ifo Institute survey published Monday.

The ifo business climate index for the industry rose to -29.3 points from -30.6 points a month ago, with companies evaluating their present situation as "better." Conversely, business expectations were "slightly gloomier and remain pessimistic," with ifo's Head of Surveys Klaus Wohlrabe cautioning that a broad-based recovery still has "a long way to go."

Surveyed companies that reported "too few orders" decreased to 41.2% from 43.7%, while cancellations of construction projects rose to 13.1% from 11.4%.

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