This data means that more construction companies have gone bust in the first six months of 2024 than the entirety of 2022.

The report found the construction sector accounted for 16% of all UK insolvencies last month.

Overall, construction has accounted for 17% of all company insolvencies in 2024.

June was a heightened month of insolvencies with 13% more than May across all sectors.

The construction sector is on track to record more insolvencies than 2023.

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Throughout 2024, a total of 2,503 construction companies have become insolvent.

For context, 2,574 construction companies became insolvent throughout the entirety of 2023. The total number of construction insolvencies for 2022 - which was 2,379 - has already been surpassed.

In total, 2,390 companies became insolvent in June 2024 - a 6% increase from the previous year.

Creditsafe has highlighted multiple economic issues as blighting all sectors including construction. These are cautious consumer spending and rising business costs with the latter including higher energy bills and wage increases.