The 2024 Construction Payments Report
In an industry where every dollar and day counts, slow payments undermine the progress of construction projects across the country. Rabbet’s 2024 Construction Payments Report reveals the staggering $280 billion cost of slow payments to the U.S. construction industry. This comprehensive report provides exclusive insights into the true cost of delayed payments, the effects on contractors, developers, and lenders, and the actionable steps you can take to stay competitive and reduce financial risks.
Key Findings
In this free report, you will learn:
- $280 Billion at Stake: How slow payments increased construction costs by 14% in 2024.
- Cash Flow Crunch: 98% of general contractors are incurring personal financial penalties to float payments, with many using retirement savings or credit cards.
- Increased Project Delays: 82% of contractors report waiting over 30 days for payment, up from just 49% two years ago.
- Impact on Labor: 100% of subcontractors factor payment reputation into bidding decisions, affecting project timelines and labor costs.
- The Path Forward: How improving payment processes can help developers and lenders secure lower bids and ensure timely project completion.
Delayed payments are causing more than construction slowdowns—they’re impacting the overall cost and success of your projects. Rabbet’s 2024 Construction Payments Report provides the critical data and recommendations you need to align your payment processes, reduce risks, and position your business for long-term success.