Companies

Building firms plan investment after surviving wave of insolvencies

Almost 100 construction firms went out of business last year due to surging wage and materials costs, as well as warehoused tax debts

Construction insolvencies accounted for almost 15 per cent of all business failures last year, but Interpath Ireland expects the sector to rebound in 2024. Picture: Getty

The rate of business failures in the construction sector is set to ease next year after a raft of high-profile building firms collapsed into insolvency during 2023, according to Interpath Ireland, the restructuring and corporate advisory firm.

The number of company failures surged more than 40 per cent last year in the construction sector with almost 100 firms going out of business as the industry grappled with surging cost inflation, higher wages and Covid-era tax ...