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.
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