A record number of construction companies in our country went bankrupt in the last three months of 2022. This is evident from the most recent data from the Belgian statistics agency Statbel, which De Tijd reports today.
With 574 bankruptcies, the figure is just above the previous quarterly record, which dates from the end of 2013. Then 572 construction companies went bankrupt. In the whole of 2022, there were 1,937 bankruptcies. Only in 2013, 2014 and 2019 was that annual total higher. Compared to the average of the past ten years, the number of bankruptcies in the construction industry in 2022 was almost 11 percent higher. Especially small companies, with no or only a handful of employees, went bankrupt.
The figures do not surprise the construction federation Bouwunie. A survey she conducted at the end of last year showed that her members are becoming more pessimistic. “Many companies worked break-even or even at a loss,” says managing director Jean-Pierre Waeytens.
Rising energy and material costs
There are several reasons for this. First, construction companies must index wages every quarter. “Outside our sector, many companies have to raise their wages considerably this month. We already made three-quarters of that effort last year,” says Waeytens. Secondly, construction companies have seen their energy and material costs rise further in recent months.
Finally, the end of the corona support plays a role. During the corona years, construction companies could count on government subsidies. Now they have to continue on their own.
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