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
| Sep 20, 2012
AGC awarded federal grant to provide fall-protection safety program
The Associated General Contractors of America will continue to provide fall protection safety training next year after being awarded a federal safety grant.
| Sep 20, 2012
East Lansing officials accused of ignoring unauthorized project that led to partial building collapse
The unauthorized construction of a fifth-floor penthouse on a downtown East Lansing, Mich. mixed-use development led to a partial building collapse earlier this year.
| Sep 20, 2012
Reflective roofs could reduce rainfall in Arizona
Green standards may have to take into account the impact of reflective roofs on rainfall in the desert Southwest.
| Sep 20, 2012
Earth Advantage Institute offers green certification for small commercial buildings
Earth Advantage Institute announced a new green building certification aimed at new or substantially remodeled small commercial buildings built to green standards.
| Sep 14, 2012
To create more pedestrian-friendly neighborhoods, Chicago unveils safety plan
As more urban mixed-use and residential developments aim to encourage residents to walk and use mass transit, cities are addressing pedestrian safety.
| Sep 14, 2012
Worker killed in Brooklyn building collapse; overloaded floor decking blamed
One worker was killed after he and others plunged 40 feet through an unfinished upscale Brooklyn townhouse building.
| Sep 14, 2012
NRCA University offers photovoltaic class
NRCA University will offer a class called “Photovoltaic Roof Systems: Energizing Your Business” Oct. 16 in Philadelphia.
| Sep 14, 2012
Costa Rica’s strict building codes prevent major damage in powerful quake
The relatively little damage from a 7.6 earthquake was due in large part to strict building codes in Costa Rica, a country that has long enjoyed more stability, better governance, and stronger economic development than many of its Central American neighbors.
| Sep 14, 2012
Building codes should require continuous connection from roof to foundation, says IBHS chief
“One of the most effective ways to greatly increase a building’s strength and safety during hurricanes, tornadoes and straight-line windstorms is to be sure the building is tied together properly,” says Julie Rochman, president and CEO of the Insurance Institute for Business & Home Safety (IBHS).
| Sep 7, 2012
Related Companies and unions agree to wage-cutting deal on Hudson Yards
The Related Companies has won wage-cutting agreements with four dozen construction unions in its efforts to save money on the $15 billion development of Hudson Yards.
