Although the number of bankruptcies is down compared to the second quarter, the housing crisis and the drop in household consumption continue to push thousands of businesses to close their doors.
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Nearly 11,000 companies went bankrupt in the third quarter of 2023, between July and September, according to a barometer from Altares, an expert in the sector. This figure is up 23% compared to the same period in 2022. Bankruptcies are, however, down compared to the second quarter of 2023, between April and June, during which 13,200 companies went out of business.
The construction sector is suffering
Two sectors are particularly suffering from the economic situation: construction and commerce. The first alone represents a quarter of bankruptcies and is bearing the brunt of the housing crisis. “We are on alert“, reacted on franceinfo Wednesday October 18, Jean Christophe Repon, president of the Confederation of crafts and small construction companies (Capeb). “We have activity at -1%“for the third quarter of 2023, he indicates. For example, the construction of new housing”is down 3%“. The president of Capeb claims to have made “strong proposals“to the government so that”small businesses [très petites entreprises, ndlr] crafts and construction can access markets such as energy renovation“and thus avoid”business failures and job destruction in the near future, particularly in 2024.“
Consumption can quickly pick up again, estimates the Altares firm
The retail sector is suffering from household consumption, which has fallen as prices have risen. However, construction is not the only sector affected by the housing crisis. Real estate agencies are starting to feel the blow, and the Altares firm expects nearly 800 bankruptcies by the end of the year.
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On the other hand, he is less alarmist about clothing brands, home furnishings or even cafes and restaurants. The firm even estimates that consumption can rebound as quickly as it fell. All sectors combined, Altares forecasts 55,000 business failures for 2023, a figure in line with the average of the last 20 years.