To a would-be thief, construction sites look like gold mines. That’s because today’s construction sites represent a treasure trove of high-value items, such as equipment, tools and materials (like lumber and copper) that are relatively easy to resell, especially on the black market.
Many of these items have skyrocketed in value in recent years, making them even more enticing to criminals. Lumber prices, for example, have increased more than 300% since 2020, largely due to increased housing demands and limited product supplies, according to Random Lengths Publications.
Given the high potential payoff, limited onsite security, poor lighting and low foot traffic, it’s little wonder that construction site theft is a significant and growing issue.
According to the National Crime Bureau and the National Equipment Register, construction site crime costs between $300 million and $1 billion annually. A survey conducted by the Chartered Institute of Building revealed that nearly a third of responding contractors had experienced theft on their sites every week, with each incident costing an average of $6,000.
The most common stolen tools are:
- Power drills
- Saws and grinders
- Nail guns
- Welding equipment
- Surveying instruments
As the financial stakes have gotten higher, construction sites have started attracting more sophisticated and organized criminals who are able to quickly rip off larger quantities of tools and materials. It’s no longer unusual for project managers to arrive at their sites and discover that entire spools of wire have been stolen or entire fleets of trucks have had their gas siphoned and tires removed.
