In total, 672 construction firms in England and Wales were found to have become insolvent during Q1 2016, significantly higher than the second-place industry, wholesale and retail trade; repair of motor vehicles and motorcycles, which suffered 537 new company insolvencies. 

However, the Insolvency Service data showed that in 2015 new company insolvencies within the construction industry were at its lowest level for the period under review with 2,469 insolvencies, compared with 2,885 in 2014, 3,233 in 2013 and 3,688 in 2012. 

Of the 672 construction insolvencies during Q1, 216 were for the construction of new buildings, 42 centred around civil engineering, while 414 were for specialised construction activies. 

In July, Begbies Traynor revealed that almost 50,000 property and construction firms had been put at risk as a result of the decision to leave the European Union. 

Of the 414 specialised construction insolvencies, electrical, plumbing and other construction installation activies was the highest with 148, while building completion and finshing totalled 138. 

The figures also revealed that of the 672 insolvencies, 156 were compulsory liquidations. 

Again, specialised construction activites saw the most with 86, while firms which specialised in the construction of buildings reported 58 compulsory liquidations. 

The majority of insolvencies within the construction industry were voluntary liquidations with 444 firms reporting this in Q1. 

This was the highest number for a single quarter since Q1 2014 (488). 

Meanwhile, the number of construction firms that entered administration during Q1 stood at 54, the highest of any other industry except manufacturing, which also reported the same number. 

No construction firms entered receivership during the first quarter of 2016, while the amount of firms made bankrupt where individuals were self-employed (207) was second to other service activities (209). 

Building completion and finishing saw the highest number of bankruptcies where individuals were self-employed with 124 reported cases.

Since 2010, the construction industry has seen the highest number of new company insolvencies each year. 

In recent weeks, Development Finance Today has reported on the administation of Cardy Construction, WS Lusher & Son Ltd and the Dunne Group. 

However, with the total number of insolvencies for the year falling from 3,983 in 2010 to 2,469 in 2015 there are signs of improvement.