The 2020 National Construction Payment Report is based on a survey of over 540 construction professionals, conducted in Q1 of 2020.
The survey, conducted by Levelset and Fieldwire, asked contractors and suppliers about their attitudes and experiences with jobsite coordination, project delays, and how quickly they get paid after the work is complete.
Key takeaways:
- Fewer than 1 in 3 contractors (28%) report always finishing projects on time and within budget.
- 70% say jobsite coordination is the main reason projects run over budget or past deadlines.
- 80% of companies say they spend a significant portion of their work week chasing down payments.
- Only 50% construction businesses say they receive payment within 30 days of invoicing.