As confidence in the construction industry reaches its lowest levels in nearly a decade, providing consistency in payments could provide some much-needed reassurance in a space that is the backbone of the US economy.
The Construction Financial Management Association’s CONFINDEX Quarterly Rating surveys CFOs in the commercial construction sector, gauging their level of confidence. The latest data from CFMA shows that construction CFO confidence is at its lowest level since September of 2010, having fallen 7.3 percent in the December 2018 frame, and another 4.4 percent in March 2019.
“After a decade of strong growth, confidence among CFOs in the construction industry have slipped, hinting at weakened optimism,” says Stuart Binstock, President & CEO of the CFMA. “Construction CFOs represent an important group of decision makers in an industry that is an essential element of the US economy.”
Greensill is changing finance to change the world, and that includes the construction space, where Subcontractor Direct Financing enables small- and medium-size enterprises the ability to get paid much more quickly and reliably.
That level of consistency and dependability is significant for subcontractors, especially at a time when confidence among decisionmakers in the US construction space is waning.
With Subcontractor Direct Financing, also known as Sub Direct, construction subcontractors in America now have access to early payments in a convenient and affordable manner that was not possible before.
Sub Direct is part of Greensill’s core mission, the democratization of capital, making cash available to small or medium-sized businesses in the same way that it was once only made available to big corporations.
“If this is your capital source to run your enterprise, you need to be able to rely on it,” Greensill Managing Director John Smith said. “And we totally see that in Sub Direct.”