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Construction insolvencies down by a fifth

Construction insolvencies fell by a fifth in the second quarter of 2010, latest figures from PricewaterhouseCoopers have revealed.

Data showed that 555 firms in the industry collapsed in the three months to the end of June.

This was down 19 per cent from 686 in the first three months of the year – and down 24 per cent from 726 in the second quarter of 2009.

PwC construction and housebuilding leader Jonathan Hook said: “This is the first significant quarterly fall in construction insolvencies and is a good sign for the sector.

“Hopefully the decision to delay further significant cuts to the capital programme will cause fewer construction companies to hit the wall in 2010.”