Taylor Woodrow has ruled itself out of the race to build the Olympic stadium.

A spokesperson for the company said its current workload had to come first. She said: “After giving due consideration to the commitment and resources required to deliver the Olympic stadium, we have taken the decision that our current workload and long-term relationships must take priority.”

The news comes after contractor Skanska said last week it would not enter the competition.

Industry insiders claim there is a lack of appetite for the project because the Sir Robert McAlpine/HOK offering is particularly strong. There are also rumours that high-profile architects are not able to find contractors to team up with.

There are only a handful of contractors operating in the UK that are considered large and experienced enough to build the Olympic stadium. Skanska, Taylor Woodrow, Bovis Lend Lease and Alfred McAlpine are not preparing bids, which leaves Sir Robert McAlpine and Laing O’Rourke.

O’Rourke’s commitment will depend on whether it secures the contract to act as the Olympic Delivery Authority’s delivery partner as part of the CLM consortium.

The ODA said it had no plans in place were there to be a single bid for the stadium. A spokesperson added that it had received 50 expressions of interest.

• The ODA could give extra money to contractors that increase the number of black and Asian employees on their staff.

The ODA will monitor how many black and Asian staff are employed by each firm and companies that employ a set quota of ethnic minority staff could receive a bonus. The ODA said it was working with a team of consultants to look at how it promotes workplace equality.