Finland's building construction on track for worst year since 2009

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Finland's building construction on track for worst year since 2009

Last week, Helsingin Sanomat highlighted that the monthly number of bankruptcy petitions has been as high as seven times since 2003, with the record of 53 in February 2009.

Between January and August, bankruptcy proceedings against 294 building construction companies have been instituted, leaving the sector on track to experiencing its worst year since the early 2010s.

The problems in building construction have also rippled to staffing agencies providing workers for the sector. Selekta Rakennus, for example, reported last week it has entered corporate restructuring after seeing its earnings plummet 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 expects to report around 4.5 million euros in annual revenue, a drop of almost six million euros from 2022.

On Wednesday, statistics Finland revealed that the number of new bankruptcy proceedings across sectors rose to 283 in August, marking a new high since the eurozone crisis of 2013-2014.