Build UK has published the latest payment performance statistics of its major contractor members. It shows that they now take an average of 36 days to pay their invoices, down from 45 days just 18 months ago.
On average, these contractors now pay 91% of their invoices within 60 days, up from 80%.
The data was submitted by its members under the Duty to Report on Payment Practices and Performance, which is credited with driving the improved payment practices.
Build UK deputy chief executive Jo Fautley said: “We have seen consistent improvement from our members since Build UK began benchmarking their payment performance in 2018. Contractor members in particular have taken the opportunity to change the industry’s approach to late payment, recognising the importance of transparency to drive good practice. There is still work to be done but these latest results show that we are definitely heading in the right direction.”