Leading data specialists, Insight Data, reveal construction industry insolvencies have spiked in 2022.
From looking closely at the total number of companies registered on the organisation’s unique Construction File database, which contains large construction firms with a turnover of over £5million, Insight Data found there has been a 12% drop this year, compared to August 20211.
Research from the Office of National Statistics also supports these findings as it reported that construction industry insolvencies were 58% higher in March 2022, when compared to pre-pandemic levels2.
Alex Tremlett, Operations Manager at Insight Data, said: “The construction industry has faced unprecedented times in the last few years, and unfortunately companies like Midas and many more were unable to survive the fallout caused by the Covid-19 pandemic.
“Whether a company has folded, restructured, merged or changed strategy to stay ahead, suppliers who are active in the new build or commercial markets may find their well-established relationships could be disappearing.
“Companies may find themselves unknowingly wasting time, money and resources marketing their products and services to decision makers who have changed role or organisations that may have ceased trading or merged with someone else. So, it’s more important than ever that companies use reliable prospect data to help make informed business decisions.”
For those companies operating with the construction sector supplying building products, equipment, training or business services, Insight Data has developed a specialist database to make it much simpler to pinpoint high-quality prospects during these challenging times.
The Construction File database has comprehensive information on over 5,000 senior decision-makers in 1,100 organisations of the UK’s largest construction firms including property developers, house builders, main contractors and property maintenance companies.
To guarantee the Construction File continues to be the most reliable and accurate database ever developed for the UK building and construction industry, Insight Data’s dedicated research team work tirelessly to continuously research, update and validate the data.
In fact, they make over 20,000 calls each month to ensure users have access to the latest company details, business locations, contact details for senior decision-makers as well as the most relevant website and email addresses.
Insight Data is one of the UK’s leading business-to-business data providers who specialise in the wider construction sector. Its unique market intelligence enables companies to create highly targeted marketing campaigns for prospective customers and helps to build a more successful, profitable and valuable business.
For more information on Insight Data and its specialist Construction File database, visit: https://www.insightdata.co.uk/marketing-data/construction-database-file/