These data include both voluntary and compulsory liquidations of construction companies during the period 1962 to 2011.

The accompanying graph has shaded areas that represent the upswing phases in the overall business cycle.

Observe that, in most cases, the numbers of liquidations drop during growth periods and rise during economic recessions.

However, as liquidations can take a while to be wound up, the numbers even rise during the early part of a growth phase in certain instances.  In such cases they lag the cycle.

The drop in liquidations in 2011, compared to 2010, suggests that the worst is over for construction companies still hamstrung by the low level of building demand.  This finding comports with rising building costs as competition in tendering eases.