Over 2600 construction firms went bust in 2011
Published: 19 January, 2012
LONDON: New figures from accountants PricewaterhouseCoopers reveal a 6% jump in construction insolvencies last year compared to 2010, when 2527 companies went into administration.
Over 5000 construction firms were lost in two years, the PwC figures show, with London, the West Midlands, Yorkshire and the North West the hardest hit. London alone saw 927 construction insolvencies last year.
Jonathan Hook, head of engineering and construction at PwC, said: "2011 was another tough year for the construction sector and there were 6% more insolvencies in the sector in 2011 than 2010.
"Over the last two years we have lost more than 5000 companies and the trend shows no sign of abating."