[PYMNTS.com] Construction Firms Wait 94 Days on Average to Get Paid
December 29, 2023
“Because of these cash flow disruptions, contractors and subcontractors must increase their bids, pay out of pocket for materials and use credit cards to cover payments, the report said.
In addition, construction workers miss paychecks, vendors don’t get paid and projects get delayed, per the report.
Several FinTech companies have rolled out new digital technologies designed to address these challenges and bring greater financial stability to the construction industry and its players.
“The construction and manufacturing industries must become more competitive employers in an environment where skilled labor is in increasingly short supply,” Dr. Sarah Buchner, founder and CEO of construction-focused FinTech Trunk Tools said in July.”