flexiblefullpage - default
Currently Reading

Residential Contractors More Likely to Be Paid on Time Than Commercial Contractors

Advertisement
billboard - default
Trade Contractors

Residential Contractors More Likely to Be Paid on Time Than Commercial Contractors

Contractors working on residential projects are more likely to receive prompt payment than their commercial counterparts, according to a new report from Levelset

 


May 3, 2022
Residential building contractor
Image: Stock.adobe.com

Residential contractors are more than twice as likely to be paid within 30 days than those working on commercial or public jobs, who are three times more likely to see payments delayed by 60 days or more, ConstructionDive reports. Though contractors working on residential jobs reported regular payment within 30 days or less 48% of the time, contractors in the commercial sector say prompt payment happens just 21% of the time.

In the meantime, contractors are also battling a series of post-pandemic obstacles with staffing difficulties, supply chain bottlenecks, and increasing construction costs. 

To ensure prompt payment, a greater portion of contractors working on residential construction projects believe that interpersonal communication and high-quality work, relative to their commercial and public counterparts, are vital to prompt payment. Conversely, a greater percentage of commercial and public project contractors believe that process-related variables play a greater role in timely payment.

Read more

Advertisement
leaderboard2 - default

Related Stories

NAHB

NAHB Celebrates Careers in Construction Month

The National Association of Home Builders is kicking off Careers in Construction Month with a full schedule of events and activities to celebrate construction professionals

Education + Training

Missouri High School Students Build Their Future

The Build My Future event recently hosted by The Associated General Contractors of Missouri introduced more than 1,800 high school students to career opportunities in the skilled trades

Women in Construction

Construction Industry Implements Lactation Pods for Working Mothers

The federal PUMP Act, which went into effect in late 2022, grants breastfeeding women the right to private spaces on the jobsite for pumping breast milk

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

If you want to know what's driving home building's move to off-site construction methods: look to the convergence of technology and culture

COVID-19 may be easing its grip on the U.S. after a disastrous two years, but lingering supply chain disruptions have builders holding onto their pandemic business tactics

An archive of NHQA-winning companies that represent home building's best in Total Quality Management

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.