A new database offers profiles of general contractors that include information on how fast or slowly they pay subcontractors.
The free service offered by Levelset provides in-depth information on industry payment practices based on data from various sources. To date, Levelset has published more than 7,700 contractor profiles, including revealing the payment behaviors of the 300 biggest U.S. general contractors. It plans to publish another 10,000 profiles over the next three months.
“This platform gives the public access to the largest contractors in the USA and the fastest paying contractors state-by-state,” according to a Levelset news release. “Contractors and suppliers are stressed about cash. Both are scared about not getting a fair shake from the other.”
A recent national construction survey found that:
● 75% of contractors said they wished they had a better understanding of how owners and general contractors were paying others on their job and in their markets.
● 69% of contractors would be more comfortable sharing payment terms if they could do so anonymously.
“For the first time ever, subs and suppliers can see the payment risk and reviews associated with General Contractors and take measures to avoid bad outcomes,” the release says. Reviews are anonymous to the public but verified through an internal process to ensure validity. “This helps GCs compete for the best subs by showing how much subs love working for them,” Levelset says.
Related Stories
| Sep 7, 2012
Lorain, Ohio considers halting downtown construction while it works out development plan
Construction would stop downtown for six months while Lorain, Ohio officials consider a development plan for the city, according to new legislation.
| Sep 7, 2012
Business, labor groups push for easing of California’s Environmental Quality Act
Business and labor groups have combined forces to push for a change to California's Environmental Quality Act, specifically its complex review process for building and construction projects.
| Sep 7, 2012
Twenty years later, Florida contractors cite Hurricane Andrew as construction game-changer
Remarking on the 20th anniversary of Hurricane Andrew, which devastated south Florida; contractors are noting the storm’s impact on their industry—including the state’s adoption of tougher building codes.
| Sep 7, 2012
At risk for nine types of natural disasters, Texas trails most coastal states on building codes
Texas has the most diverse weather risk in the country, with exposure to nine different types of natural disasters.
| Aug 30, 2012
OSHA plans new crane-safety standards for demolition and underground work
The new rule will streamline OSHA’s standards by eliminating the separate cranes and derricks standard currently used for underground and demolition work.
| Aug 30, 2012
Federal government cancels defense contracts worth $2.15 billion
This action may foreshadow federal spending cuts scheduled for year's end if Congress takes no action on the federal budget.
| Aug 30, 2012
Public comment period is open for CRRC-1 standard
The CRRC-1 standard covers specimen preparation and test methods for measuring the initial and aged solar reflectance and thermal emittance of roofing products.
| Aug 30, 2012
LEED system's footprint reaches 2 billion sf, with 7 billion sf in the pipeline
About 7 billion more sf of commercial space is expected in the pipeline.
| Aug 30, 2012
Georgia drops LEED wood source standard on state projects
Currently, LEED green building standards only accept timber products certified by the Forest Stewardship Council (FSC).
| Aug 21, 2012
AGC offers second edition of the Federal Government Contractor: Ethics & Compliance Programs manual
This publication helps contractors appreciate the grounds for an alleged violation of the expected standards of business conduct and ethics, and to develop, implement, and document an effective ethics and compliance program.
