A recent survey indicates that slower construction may signal an impending recession, as 73% of contractors relate project speed to the broader economy. Concerns about tariffs and payment delays are prevalent, with 70% facing payment issues, often impacting their project bids. Many contractors resort to savings or credit to tide over delays, resulting in increased costs and project cancellations. The study underscores the financial strain payment delays impose on the construction industry, highlighting the need for faster payment systems to alleviate rising inflationary pressures.
Payment delays aren't just administrative headaches-they're adding significant hidden costs to construction, especially with already strained budgets where fewer projects pencil.
If projects are stalled, your money isn't working for you; it's working against you. Developers who are slow to pay are costing them.
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