Payment times improve for subcontractors
The average payment times for 34 main construction contractors has drastically improved since the beginning of the pandemic, according to a new report from Build UK.
ECA, as a leading member of the Construction Leadership Council (CLC), was instrumental in developing the construction playbook best practice guidance which has been named as a key factor in improving payment regimes in the industry.
Since Build UK first began gathering industry payment data in 2018, main contractor payment times have fallen by 15 days on average.
Jo Fautley, Build UK Deputy Chief Executive, said in Construction Enquirer: “Our benchmarking of payment performance has resulted in significant changes in behaviour within the industry.
“The results over the last three years show that construction is serious about changing the way it does business and Build UK members are leading the way.”
Comprehensive industry payment league tables can be viewed here.