Slow payments are predicted to cost the construction industry $136 billion this year, up 36% over 2020 levels. 

The latest Construction Payments Report from Austin-based construction finance software firm Rabbet reveals that 72% of subcontractors would offer a discount in exchange for payment within 30 days, while 67% of subcontractors say they’d choose not to bid on a project due to a GC or owner’s reputation of slow payments. About 35% of all general contractors surveyed say work has been delayed or halted thanks to a delay in paying crew members over the last year.

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