The 2019 Construction Payments Report estimated a $64 billion impact on the industry for carrying forward the fees and costs of slow payments. In 2020, the impact of slow payments has skyrocketed 56% to an estimated $100 billion. Those unnecessary costs are ultimately passed down to real estate developers and financiers.
Learn how slow payments are adding cost, time, and risk to projects in this year's Construction Payments Report.
- 69% of subcontractors would offer a discount in exchange for payments within 30 days, resulting in an estimated industry-wide savings of $80 billion, up from $44 billion in 2019.
- 25% of all respondents report that work has been delayed or stopped due to a delay in payments to crew members in the last 12 months.
- 41% of subcontractors report choosing not to bid on a project due to a general contractor or owner’s reputation of slow payments.
See more highlights, industry data, and key takeaways by downloading the full report.