The pace of U.S. corporate bankruptcies fell to a 13-year low in 2022.

During the year, 391 companies filed for bankruptcy, fewer than any other comparable period going back to at least 2010, according to S&P Global Market Intelligence data. The slump came even amid a rise in filings in December to 49, up from 31 in November. and more than any other month in 2022.

Pandemic-era government support programs and easy access to cash have helped struggling companies avoid bankruptcy court. While 2022 and 2021 were slower years for bankruptcies, a recession is widely expected in 2023 as the Federal Reserve battles inflation with higher interest rates.

Industrials led filings

Industrials had the most filings for any sector, with 59 in 2022. Within the sector, companies in the construction and engineering industry accounted for more filings than others.

The consumer discretionary sector had the second-most filings for the year, with 54. The sector has been a favorite among short sellers as retail sales have struggled.

Dearth of larger filings

There were 14 bankruptcy filings with more than $1 billion in reported liabilities in 2022. Two of these larger filings were in December.

* Download the charts in Excel format. * For retail-specific bankruptcy data, check out the monthly Retail Market Series.

Editor's note: This Data Dispatch is updated on a regular basis. The last edition was published Dec. 5.

Bankruptcy figures include public companies or private companies with public debt with a minimum of $2 million in assets or liabilities at the time of filing, in addition to private companies with at least $10 million in assets or liabilities. Market Intelligence may remove companies from this list if it discovers that their total assets and liabilities do not meet the threshold requirement for inclusion.