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It’s Not Just You: Construction Really Is Risky Business

Article-It’s Not Just You: Construction Really Is Risky Business

Jheng Yao Lin/Alamy Stock Photo Wooden blocks of business concept isolated on white background.
Construction is in the country’s top three industries deemed to pose “very high risk” to business partners.

Usually in business, finishing among the top three is a good thing. But it was a dubious distinction in 2022 for the construction industry, which had the third-highest number and cost of legal filings among all U.S. business sectors, according to a recent report from business credit scoring agency Creditsafe.

Construction businesses had 212,582 legal filings entered against them last year, resulting in cumulative losses exceeding $3.36 billion, according to Creditsafe’s State of Credit Risk 2022 report released in February. 

Meanwhile, the sector finished first in another aspect of notoriety: Construction firms had the worst average credit score, which garnered a collective label of posing a “moderate risk” to other business partners, according to the report.

To read this article in full, visit Construction Dive, our sister publication.

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