The 2023 Construction Payments Report

 Here’s the headline: nearly 14% of total construction costs could be eliminated with faster, more reliable payments to contractors. While the health of contractors’ and subcontractors’ businesses are steady even in these turbulent times, a developer’s reputation for timely payments is even more critical today—93% of subcontractors consider payment reputation when deciding project bids. Developers and lenders significantly contribute to slow payments, impacting project feasibility, schedule, costs, and quality. Addressing this issue is crucial for reducing project risks and costs.

Topics Covered:

  • Why it’s more important than ever to prioritize quick and accurate payments to general contractors and subcontractors
  • The costs and implications of slow payments in the construction industry
  • How real estate development firms and construction lending organizations contribute to the growing problem

Complete the form on the right to download your copy and discover how these topics are impacting the entire construction ecosystem and concrete steps that can be taken to remedy the issues.