From the Construction Enquirer.:sad::sad:
The rate of construction insolvencies fell 5% during the first quarter of 2013.
But latest figures from accountant PwC show 625 construction companies have gone bust already this year – at a rate of 48 a week.
The latest casualties bring the number of industry names who have disappeared since April 2011 to 5,500.
Jonathan Hook, PwC’s Engineering & Construction leader, said: ”Any reduction in the number of insolvencies in the construction sector is welcome.
“The sector in the UK is still experiencing declining output year on year however, so we are not necessarily over the worst yet in terms of insolvencies.
“There is an ongoing cash squeeze throughout the supply chain as has been evidenced in recent reported results.
“The measures in the recent budget to support infrastructure, and in particular levels of house-building are welcome but will take a little while to feed through into output.”
The rate of construction insolvencies fell 5% during the first quarter of 2013.
But latest figures from accountant PwC show 625 construction companies have gone bust already this year – at a rate of 48 a week.
The latest casualties bring the number of industry names who have disappeared since April 2011 to 5,500.
Jonathan Hook, PwC’s Engineering & Construction leader, said: ”Any reduction in the number of insolvencies in the construction sector is welcome.
“The sector in the UK is still experiencing declining output year on year however, so we are not necessarily over the worst yet in terms of insolvencies.
“There is an ongoing cash squeeze throughout the supply chain as has been evidenced in recent reported results.
“The measures in the recent budget to support infrastructure, and in particular levels of house-building are welcome but will take a little while to feed through into output.”
