The amount of companies in the construction industry entering administration has lowered during the last three months according to new industry figures.
The latest figures published by PwC have brought to light the staggering amount of construction companies that have gone under since 2009.
New data shows that there were 5,126 collapsed construction companies between Q3 2009 and Q2 2011.
However, the new figures show signs of recovery as the construction industry suffered 17.7% less insolvency during the second quarter compared to the start of the year.
Jonathan Hook, construction leader, PwC, said: “These figures highlight that construction in the UK is a long way from recovery.”
“Whilst the number of insolvencies fell on the previous quarter of 2011, they are still 5% up on the equivalent quarter last year.”
“Companies working on major infrastructure projects or on large frameworks are still busy, but the picture outside London and the South East is going to continue to be challenging.”
“Work is being bid at very tight margins and I think things could well get worse before they improve.”
Recipro sourced this article from Construction Enquirer.