5% drop in building firms going bust

Published:  17 November, 2009

UK: Figures just released by accountancy firm Grant Thornton have shown construction administrations fell by 5% over the last three months.

Kathryn Hiddleston, the company's head of construction said: "Failures are still at a high rate and remain a major concern for the industry, in spite of the recent decline.

"Improvements in construction business failures may be partially driven by an upturn in the housing market as well as continued government infrastructure.

"Construction usually lags behind other sectors in recovering from a slump, so it is likely to fall much further before a real upturn is seen.

"Unfortunately this will not help the vast number of existing construction work which is now being considerably prolonged and even shelved."

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