Florida legislators approved a bill that would limit the amount of retainage that can be withheld from contractor payments on state and local publicly funded projects.
With only one dissenter, the body voted to reduce retainage from 10% to 5%. The retainage rate is the amount withheld from payments until 50% of the project is complete.
The new regulation will not apply to projects valued at $200,000 or less; Florida DOT projects approved under Florida Statutes Ch. 337; and projects entered into, pending approval or advertised by a government entity on or before Oct. 1, 2020. Pending approval by the governor, the new law will go into effect Oct. 1, 2020.
According to Construction Dive, Illinois changed its laws last August to cap retainage at 10% on most private projects, with a reduction to 5% once a contractor completes 50% of its contract scope of work. This is similar to the Illinois retainage laws governing public projects.
Related Stories
Products and Materials | Aug 8, 2024
EPA issues $160 million in grants for clean manufacturing of steel, other construction materials
The U.S. Environmental Protection Agency will provide 38 grant recipients with nearly $160 million to support efforts to report and reduce climate pollution from the manufacturing of construction materials and products.
Green | Aug 7, 2024
Major cities worldwide set building performance standards
Cities around the world are setting building performance standards (BPS) as a key measure to cut emissions and meet climate targets, according to a report from JLL.
Codes and Standards | Aug 6, 2024
New tool helps with selection, installation of heat pump water heaters
A new web-based tool by the Department of Energy offers comprehensive information about how to size, select, and install electric heat pump water heaters (HPWHs).
Regulations | Aug 4, 2024
Diversity rules largely ignored on Boston construction projects
Not a single construction project in Boston over the past four years has met all the rules intended to diversify the construction industry and increase the number of city residents working on construction sites, according to a report in the Boston Globe.
MFPRO+ News | Aug 1, 2024
Canada tries massive incentive program to spur new multifamily housing construction
Canada has taken the unprecedented step of offering billions in infrastructure funds to communities in return for eliminating single-family housing zoning.
MFPRO+ New Projects | Jul 31, 2024
Shipping containers converted into attractive, affordable multifamily housing in L.A.
In the Watts neighborhood in Los Angeles, a new affordable multifamily housing project using shipping containers resulted in 24 micro-units for formerly unhoused residents. The containers were acquired from a nearby port and converted into housing units at a factory.
Geothermal Technology | Jul 29, 2024
Rochester, Minn., plans extensive geothermal network
The city of Rochester, Minn., home of the famed Mayo Clinic, is going big on geothermal networks. The city is constructing Thermal Energy Networks (TENs) that consist of ambient pipe loops connecting multiple buildings and delivering thermal heating and cooling energy via water-source heat pumps.
Smart Buildings | Jul 25, 2024
A Swiss startup devises an intelligent photovoltaic façade that tracks and moves with the sun
Zurich Soft Robotics says Solskin can reduce building energy consumption by up to 80% while producing up to 40% more electricity than comparable façade systems.
Codes and Standards | Jul 25, 2024
GSA and DOE select technologies to evaluate for commercial building decarbonization
The General Services Administration and the U.S. Department of Energy have selected 17 innovative building technologies to evaluate in real-world settings throughout GSA’s real estate portfolio.
Office Buildings | Jul 22, 2024
U.S. commercial foreclosures increased 48% in June from last year
The commercial building sector continues to be under financial pressure as foreclosures nationwide increased 48% in June compared to June 2023, according to ATTOM, a real estate data analysis firm.
