Kalpana Padhiar, construction specialist at global credit insurer Euler Hermes, said:
“The new figures are likely to be a direct result of the uncertainty surrounding June’s referendum, which is having a similar impact on activity across the sector to what we saw in last year’s pre-election lull.”
Kalpana added:
“The Construction Products Association (CPA) has already downgraded the industry growth forecast for the third time in the last six months, and with UK and international investors holding off any decisions on new projects until July at the earliest, significant improvement in the short-term is unlikely. Firms should look to manage their credit books carefully.”