The Valley's construction industry continues to face uncertainty in this economy as companies, developers and contractors deal with price escalations, inflation, delivery issues, labor and supply chain shortages. Products with microchips are especially contributing to delayed projects.
Projects that are delayed and miss a deadline face liquidated damages, a dollar amount that adds up past the deadline until a project is completed, to account for lost revenue, according to industry experts.
The Ritz-Carlton Paradise Valley is one of those projects that has been delayed numerous times since its original opening date of 2018.
