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 | Oct 14, 2016
ASCE issues first tsunami-safe building standards
The new standards will become part of international building code.
Codes and Standards | Oct 12, 2016
Making concrete greener
The high energy-consuming material can be made more sustainably.
Codes and Standards | Oct 11, 2016
Historic preservation moving beyond saving grand old buildings
National Trust for Historic Preservation CEO says the focus is on saving cities, not just buildings
Codes and Standards | Oct 10, 2016
Los Angeles voters will decide whether high-density developments should be harder to build
A March vote on the Neighborhood Integrity Initiative would put 2-year ban on zoning changes
Codes and Standards | Oct 10, 2016
New sustainable landscape development and management credential launched
GBCI offered the first testing opportunity Oct. 3 at Greenbuild
Codes and Standards | Oct 6, 2016
Obama administration will spend $80 million for smart cities initiatives
The technology is targeted for climate, transportation, resiliency.
Codes and Standards | Oct 6, 2016
New York City files criminal charges on owner for deadly building façade accident
The owner allegedly did not heed warning about danger of the crumbling exterior.
Codes and Standards | Oct 5, 2016
New York becomes the first city to adopt a target for energy storage
Mayor de Blasio also announces increased solar generation goals
Codes and Standards | Oct 4, 2016
New global residential floor space measurement standard unveiled
The new standards will produce better transparency and are said to benefit investors.
Codes and Standards | Sep 29, 2016
Dept. of Energy forecasts big jump in LED use, resulting energy savings
Big gains are expected in both commercial and residential markets.