Did you know that 3 out of 4 construction businesses (77%) say they are happy with how quickly they finish a job, and a majority (53%) are happy with how quickly they get paid for their work?
This makes us question if the status quo should continue to be the norm and when will change be adopted. Each year trillions of company dollars are chasing problems and non construction related issues which all can be avoided if not mitigated by accepting change. This DYK will unwrap where buildings Kryptonite lies and where to find the solutions or this much needed industrywide “change.”
Contractor studies done by LevelSet brings the following statistics:
- 1 in 3 contractors (30%) finish projects on time and within budget.
- 70% of contractors surveyed said that poor jobsite coordination often causes projects to run over budget or past deadlines.
- 70% say poor jobsite coordination almost always causes projects to run over budget or past deadlines.
Reasons for Wasted Time & Delays:
- 75% of respondents say that their company spends less than half of their time doing actual construction work.
- 85% report spending more than 1/4 of their time tracking & reporting on project progress.
- Over half of contractors (54%) blame delays on poor coordination between subcontractors.
- 80% of companies say they spend a significant portion of their workweek chasing down payments.
- Half of construction businesses say they receive payment within 30 days of invoicing
- 15% regularly wait for 60 days or longer to get paid)
- 66% spend more than a quarter of their work hours waiting for work to be done.
based on this survey 77% of the built world has learned to live with these issues and accept hard losses every day. In order for companies to move forward, leadership must clearly understand and recognize the current challenges and the potential that new solutions may provide. Luckily BuildUSA’s solutions on how to mitigate buildings Kryptonite can be found in our White Papers as our mission is to make the future of building a reality, today.