How do slow payments to General contractors and Subcontractors impact Developers and Construction Lenders?
Rabbet's 2021 Construction Payments Report answers this as well as the 'why' behind the $136 billion impact on the industry for carrying forward the fees and costs of slow payments.
Learn how slow payments are adding cost, time, and risk to projects in this year's Construction Payments Report.
- 67% of subcontractors report choosing not to bid on a project due to a general contractor or owner’s reputation of slow payments
- 86% of general contractors agree that delays in payment directly affect project deadlines.
- 83% of subcontractors claim that late payments from a general contractor affects productivity
- 74% of general contractors have had to pay more for labor or charge more for labor to meet a project deadline in the last 12 months.
- 72% of subcontractors would offer a discount in exchange for payments within 30 days