Share Construction is now suffering the highest number of insolvencies of any industry accounting for one in six of all business failures in the UK.According to accountant Mazars, 4,370 construction firms went bust in the year to the end of November 2023, equating to an average of nearly a dozen a day.Construction insolvencies have now consistently outnumbered any other sector for the past three years, with 2022/23’s construction failures up 7% on 2021/22 and 76% more than 2020/21.Insolvencies in the sector have been highest in specialised construction activities, such as demolition, electrical and plumbing, representing 58% of all industry firms going out of business over the last twelve months “There are now on average a dozen building companies going under every single day in the UK. costs have spiralled, while buyers’ appetite has taken a dive.”
https://www.constructionenquirer.com/2024/01/29/a-dozen-construction-firms-going-bust-every-day/