Last year was a tough one for contractors when it comes to getting paid on time.
Less than 10% of contractors surveyed by Levelset said they always got paid on time in 2021. That was a 60% decline from the same metric in the previous year’s survey. Late payments in 2021 decreased profits for about 43% of companies surveyed.
Only 11% of companies surveyed reported that they always got paid in full last year. This is a big dip from the 43% of firms that said they always received full payment in 2020.
Levelset said that U.S. contractors filed more than 60,000 liens last year totaling more than $5 billion.
Related Stories
Codes and Standards | May 21, 2018
New standard tests quietness of floors
ASTM International method will help manufacturers test their flooring materials.
Codes and Standards | May 17, 2018
California will require solar panels on most new homes
Projected to add $10,000 to cost of new homes.
Codes and Standards | May 16, 2018
New resources offer tips on off-site construction
NIBS documents address using pre-cast concrete, and commercial and legal considerations of modular construction.
Codes and Standards | May 15, 2018
Blast testing of loaded mass timber structures yields positive results
Four tests covered a spectrum of blast loads.
Codes and Standards | May 14, 2018
Maryland makes general contractors liable for failure of subs to pay employees
GCs could have to pay for up to three times the wages owed.
Codes and Standards | May 10, 2018
Data collection, machine learning boost building efficiency
Sensors, software algorithms squeeze out waste.
Codes and Standards | May 9, 2018
OSHA and state safety agencies write more than 100 silica citations in 6 months
Actions tending to come with investigation of other site conditions.
Codes and Standards | May 8, 2018
Powerhouse coalition builds energy positive buildings
The goal: build buildings that provide more power than they cost to build, run, and demolish.
Codes and Standards | May 7, 2018
Plan advances in Los Angeles for Climate Emergency Mobilization Department
Would oversee efforts to reduce greenhouse gas emissions across the city.
Codes and Standards | May 3, 2018
Data collection, machine learning boost building efficiency
Sensors, software algorithms squeeze out waste.