Equipment Theft Continues to Plague Construction Industry

More than one-third of construction, engineering, and infrastructure companies have experienced theft of physical and stock assets, including equipment, in the past year, according to the 2015 Kroll Global Fraud Report.

These are some of the highest incidence rates of any sector surveyed and are second only to levels experienced by the retail industry. One way businesses can secure assets is with GPS tracking. US Fleet Tracking identifies four ways the usage of GPS (global positioning system) tracker geofences helps fleet businesses including protection and securing assets, recovery, time, and billing.

This is just one survey that points to increased vehicle theft. LoJack released its annual Construction Equipment Theft and Recovery in the United States, revealing trends specific to construction equipment and machinery.

It found in 2014, more than $7,735,458 worth of construction equipment assets were stolen and recovered. Replacing those assets, if lost, would have cost their owners more than $13.1 million. Most popular types of equipment stolen include backhoe loaders and skid steers.

What’s more, the danger from construction thieves remains relatively consistent throughout the year, with an uptick in activity from November through March, when more equipment is idle due to lower construction activity during colder months. Still, asset tracking and GPS systems can be installed on equipment to increase safety, security, and protection. This becomes key as theft grows in the United States.

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