2022 Subcontractor Costs Were $97 Billion Over Expected Amount
Billd’s National Subcontractor Market Report survey showed that materials and labor cost subcontractors $97 billion more than expected last year, according to Zachary Phillips of Construction Dive. Billd is a construction financial support company based in Austin, Texas.
The survey results, which were published this month, found that revenue growth was seen in 61 percent of businesses and lower profitability was seen by 57 percent. Many subcontractors had to wait an average of 74 days after purchasing materials and labor to be paid since there were not enough funds to receive payment and buy materials.