Insolvencies Set to Surge Among Builders and Retailers As Costs Rise and Demand Slows
• Insolvencies suppressed during COVID, now expecting increase in bankruptcies in 2023 and 2024
• Factors driving bankruptcies high inflation, rising interest rates, supply chain disruption, tight labor market, aggressive tax collection
• Construction, accommodation, food service, and retail sectors hit hardest by insolvencies
• Porter Davis collapse left 1,800 unfinished homes; rising costs and less housing demand hurting builders
• Master Builders Australia expects construction industry to stabilize after difficult period