The construction industry is in the grips of an insolvency crisis. In the year to November 2024, the total number of construction firms that went under was 4,102, according to the Insolvency Service.
While this was 6.3% down on the 4,380 insolvencies recorded in the year to November 2023, it was 27.5% up on the 3,217 recorded in pre-pandemic 2019 – the fate of ISG offering a stark warning that not even the biggest firms are immune.
The systemic challenges of low margins, variable costs and the inherent unpredictability of the construction process still pose a huge risk to firms this year. So, what can we do to mitigate these risks? How do we improve organisational resilience in the industry? What can be done to disrupt the current payment culture, prevent another ISG and ultimately fix the broken construction industry model?
These were just some of the questions discussed during the second in a series of roundtables hosted by BE News in collaboration with the Save Construction Initiative and Begbies Traynor Group held at the company’s Manchester office. Click here to read the full write-up.
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