Helsingin Sanomat highlighted last week that the monthly number of bankruptcy petitions has been as high as 7 times since 2003, with the record of 53 happening in February 2009.
Between January and August, bankruptcy procedures have been instituted against 294 construction companies, leaving the industry on track to experience its worst year since the early 2010s.
The challenges in building construction have also led to staffing agencies providing workers for the sector. Selekta Rakennus, for example, reported last week that it has entered corporate restructuring after seeing its revenue drop in the first six months of the year due to the slowdown in construction, with no indications of a quick recovery on the horizon.
The staffing agency said it expects to report around 4.5 million euro in annual revenue, a decline of almost six million euros from 2022.
The number of new bankruptcy cases in August rose by more than 20 per cent year-on-year, marking a record high since the eurozone crisis of 2013-2014.