According to the most recent Dodge Construction Network “momentum index”,
- Nonresidential construction planning, climbed 7.9% in July due to notable increases across several commercial and institutional segments, according to the Dodge Construction Network.
- Commercial planning, fueled by data center work, jumped 6.8% in July, while institutional planning, which includes education, life sciences and healthcare builds, surged 11.1% over the month.
- The Fed rate cut in September is likely driving owners and developers to remain optimistic about 2025 market conditions and pushing more projects into the planning queue.
With owners more optimistic about planning, project starts should rise for 2025 as well. GCPay has noticed an increase in owner billings required and subsequently being used within our platform. So, it feels like a good time to remind users that the 2024 partnership created between AIA Contract Documents and GCPay, allows general contractors to not only submit owner billings but also on standard official G702/G703 forms.
By doing so, GCPay allows you to automatically incorporate the costs approved for your subcontractors. This feature eliminates the time-consuming process of manually calculating the costs for projects, and reporting to owners on an “as-needed” basis. All associated documents are housed in one easy-to-access location, which can be pulled in an owner billing report. This feature is available to all GCPay users at no additional cost (unless official AIA documents are needed) allowing you to make the most out of GCPay!
Note: To use GCPay for your Owner Billings, contact GCPay Support or your Account Manager to enable the Customer Feature.
