Pandemic Obstacles May Hinder Construction Growth Goals

While a recent survey found that construction contractors managed to maintain an optimistic entrepreneurial spirit, despite the obstacles of the pandemic and economic challenges such as skyrocketing building material prices, ongoing cash-flow problems will likely prevent many from achieving business-growth goals in 2021 and beyond. These findings were unveiled in Billd’s inaugural industry report, 2021 National Subcontractor Market Report: Business Growth and Financing.

The new report surveyed 572 general contractors and subcontractors in commercial construction, many of whom are business owners or executives who have been in business for at least 10 years, about their appetite for business growth and plans for financing that growth. The responses call attention to persistent construction industry challenges that prevent business growth including a lack of access to capital, inconsistent payment cycles and the insufficient length of supplier terms.

Nearly three-fourths of contractors surveyed say they plan to grow their businesses in 2021.

Billd is a financing provider for commercial subcontractors.