The 2019 Construction Payments Report
The 2018 Construction Payments Report estimated a $40 billion impact on the industry for carrying forward the fees and costs of slow payments. In 2019, through a partnership with Procore, Rabbet extended the survey to not only collect input from subcontractors but also to collect results from general contractors.
Taking into account this additional layer of transactions within the construction industry, Rabbet has updated the estimated cost of slow payments to $64 billion in 2019.
2019 Construction Payment Report Highlights:
- 72% of subcontractors would offer a discount for payments within 30 days, resulting in an estimated industry-wide savings of $44 billion
- 30% of all respondents report that work has been delayed or stopped due to a delay in payments to crew members
- 63% of subcontractors report choosing not to bid on a project due to a general contractor or owner’s reputation of slow payments
Download your free copy of the report and discover how slow payments cost the construction industry $64 billion in 2019.
