GB Concrete & Pump analysed companies house data and found of the 169,792 firms that opened during that time, 67,864 were no longer trading.

Closure rates varied among different subsectors of the industry.

Demolition companies were the worst hit with over half (56.3%) of companies in this sector unable to sustain operations over the period.

Site preparation companies were the second-worst hit subsector with a closure rate of 46.6%.

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This was less for companies involved with construction of domestic buildings and the development of building projects, with closure rates of 43.8% and 33.9% respectively.

“The high closure rate of new businesses could potentially impact the overall growth and innovation within the sector,” commented a spokesperson from GB Concrete & Pump.

“Fewer new entrants could lead to a less dynamic and competitive market, potentially affecting the supply of new homes and commercial buildings.

“Although Labour has confirmed an additional £3bn in guarantees to support small house builders, it may already be too late for firms already struggling to stay afloat.

“Not to mention, it is not yet clear how this support will be allocated.”