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 | Nov 28, 2016
Marines plan first net zero energy military base
The Albany, Ga., site will have ground source heat pumps and a biomass generator.
Codes and Standards | Nov 18, 2016
Mahesh Ramanujam takes reins as U.S. Green Building Council President and CEO
Ramanujam brings his tech and business consulting background to the post.
Codes and Standards | Nov 18, 2016
Canada GBC launching Zero Carbon Buildings Initiative
First step toward Zero Carbon Building Standard.
Codes and Standards | Nov 17, 2016
Santa Monica, Calif., passes historic net-zero ordinance
Includes more stringent commercial, multifamily building standards.
Codes and Standards | Nov 14, 2016
Six more states approve legal marijuana, creating opportunities for developers
Federal prohibition complicates the picture.
Codes and Standards | Nov 14, 2016
Los Angeles voters approve billions to tackle traffic and homelessness
The approved measures will create new rail lines and permanent housing.
Codes and Standards | Nov 9, 2016
NRMCA updates environmental impacts of concrete
The EPD now includes 88 companies, 72 mixes.
Codes and Standards | Nov 9, 2016
Louisiana flood projections require urgent action, officials say
The 'no net loss’ prediction now seems unrealistic.
Codes and Standards | Nov 8, 2016
American Concrete Institute offers new guide for repair of concrete buildings
The guide provides assistance on assessment and rehab.
Codes and Standards | Nov 7, 2016
The AISC prequalified seismic moment connection standard is now available
You can download the 2016 version for free.
