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Number of construction sector companies wound up in H1 jumps more than 50%

More than 1,000 construction companies were wound up in the first half of 2009, more than 50 % more than in the same period a year earlier, company information service provider Opten said.

The number of construction companies that were put under liquidation by their owners rose 22

% to 663 during the period. At the same time, the number of new companies established fell 45% to 2,589, dropping for the first time ever. The ratio of new companies established to those wound up or under liquidation fell to about 1 from 1.8. Creditors or suppliers started liquidation procedures against 1,691 construction companies in H1, 22% more than in the same period a year earlier. In Q2, the number climbed 30% from a year earlier, showing the sector is still not through the worst of the crisis.