Construction company insolvencies fall by third

The number of construction companies to go out of business has halved since 2008, with total insolvencies falling by a third in 12 months, latest figures show.

Details published by credit risk analyst Vision-net for February 2014 confirm 14% of all company failures this month involved those in the recession-hit building sector.

At the end of the Celtic Tiger era, in February 2008, construction firms made up 30% of all insolvencies across the country. The drop means the number of these firms to go out of business this month is half that at the start of the recession.