image credit: Pxhere

Slow payments cost GCs and subs $64 billion annually

October 17, 2019

Delayed payments are costing both general contractors and subcontractors tens of billions annually, according to a new study.

The study was conducted by construction finance platform Rabbet, formerly Contract Simply, in partnership with Procore Technologies. A similar study by Rabbet in 2018 found that slow payments cost subcontractors $40 billion.

This year, the company added general contractors to the study, and found payment delays cost all contractors an estimated $64 billion.

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