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Construction Firms Struggling With Several Collapsing This Year

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Around Australia there are over a dozen construction firms that have already gone bust and there were worries that perhaps more might be coming soon.

How many more builders might go broke in the construction crisis as some have called it? What is to blame for the multiple failures?

It might not only be Australia that some construction and development firms fail either.

Will more giants meet the same fate?

Around the UK they too have seen a number of construction companies collapsing as prices have climbed for doing business, among other reasons. Around China as well there are construction companies that have reportedly contributed to a great deal of economic pain.

There are some buyers who are demanding insurance for protection because of this issue with builders going broke in Australia and elsewhere, there are a variety of builds that have left buyers simply stranded.

Homeowners have been left with unfinished projects and incomplete homes when one business or another has faced difficulty. There are many who pay the price.

It isn't the sort of situation that many homeowners might suspect they would ever find themselves in after purchasing a property.

As inflation has driven up the cost of living the cost of building as also gone up. Due to those rising costs it has been estimated that there are hundreds of firms that might fail and the number of failures already has caused some alarm, especially with those impacted. Who might be next?

pics: pixabay This is not financial advice Sources: https://www.news.com.au/finance/business/other-industries/at-least-15-builders-have-already-gone-bust-and-more-could-collapse/news-story/edd793499f93a9461ee81b5209408ac3 https://www.nytimes.com/2021/08/10/business/economy/china-evergrande-debt-property.html https://www.news.com.au/finance/business/other-industries/buckled-under-pressure-all-state-construction-solutions-collapses-owing-2m/news-story/46531ecee73cb015556b6c6a60f2e4e1