The British Columbia Construction Association (BCCA) is working with industry stakeholders, including VRCA, to get a legislative solution addressing the need for prompt payment in B.C. on the table for the Spring 2019 legislative session.
Lack of prompt payment is one of the most significant issues in the construction sector. When contractors don’t get paid on time, it places a financial burden on small businesses and blocks cash flow in the economy. The estimated cost in B.C.’s construction sector is $4 billion.
Solving the prompt payment challenge in B.C. will release millions into the economy and improve cash flow for everyday British Columbians across our province. In particular, it will help small contractors (the backbone of our industry) to pay their staff and their bills and manage their business without taking on extra debt and financial expenses.
BCCA is also working on a technology solution that will create transparency and accountability within a project’s payment ecosystem.
Watch the Connector for updates.