Construction insolvencies fell in March compared to the same month last year, but the financial strength of firms in the sector also dropped according to new data from Experian.
Experian’s latest insolvency index covering March 2010 shows 377 construction firms became insolvent during the month compared with 398 in March 2009.
The financial strength index showed a score of 79.49 compared with 79.96.
A total of 131 property companies went in insolvency compared with 189 while the rate fell to 83.2 compared to 84.66 in March 2009.
The UK’s average financial strength score experienced a minor deterioration from 81.18 in February to 80.99 in March.
This week accountancy firm PricewaterhouseCoopers revealed figures showing total of 674 companies in the construction sector entered insolvency between January and March 2010, compared to 705 in the fourth quarter of 2009.