Weekly Economic and Construction Update – 27 January 2023
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361 construction firms in the UK went out of business in November 2022, which is 4.6% higher than in October and 11.1% higher than a year ago according to the latest data from the Department for Business, Energy and Industrial Strategy (BEIS).
Taking insolvencies in the year to November 2022 (as they tend to bounce around on a monthly basis), 4,076 construction firms went out of business in the UK, the highest number of construction firms to go out of business on an annual basis since the financial crisis more than a decade ago.
Main building contractors accounted for 36% of UK construction insolvencies in November 2022 and were 11.8% higher than in October and 39.4% higher than a year ago. On a monthly basis insolvencies tend to be quite volatile but main building contractor insolvencies have been on a general upward trend since February 2021.
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