Today’s figures mean that 12,710 construction companies have gone out of business in the last three years – equivalent to more than 10 a day.
In 2009 the industry lost 4,503 companies. This number fell to 3,589 in 2010 but climber again to 3,707 in 2011.
In the first quarter of 2012 there has been a slight decrease of 2.5% in the number of construction insolvencies compared to the last quarter of 2011.
Construction risk management firm CR Management said that figures from previous recessions indicate that insolvencies continue to rise after a recession officially ends, culminating in an eventual high some time afterwards, suggesting that there are still many more construction insolvencies to come.