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Construction insolvency gloom to continue, says PwC

The recession has claimed 5,215 construction firms over the past two years and there is no sign of this trend abating, says accounting giant PriceWaterhouseCoopers (PwC).

Areas of the UK most affected were London, the West Midlands, Yorkshire and the North West. London lost 927 construction firms alone over the period.

“The cuts to the Government’s capital programme and uncertainty around the economy and financing generally means there is little chance that 2012 will see this trend reverse,” said PwC head of engineering and construction Jonathan Hook.

There were 6% more construction insolvencies overall in 2011 compared with 2010.

However, London experienced a 5% decline in construction insolvencies last year, while elsewhere in the regions a 9% increase was reported.

PwC also reported a loss of more than 4,000 manufacturing jobs over the same two year period.

Breakdown of insolvencies

 

Industry2010 Q12010 Q22010 Q32010 Q42010
Total
2011 Q12011 Q22011 Q32011 Q42011
Total
Construction6906586145652,5277126636576562,688

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