The construction equipment industry is making billions of dollars in profits from cutting corners, according to a report by the nonprofit advocacy group the Center for Responsible Construction.
In the last decade, construction equipment manufacturing companies have made millions of dollars from mismanaging contracts, a practice that has helped to fuel a boom in the industry.
Spiders, a brand that includes the construction equipment company Spider, were recently added to the list of companies that have made a profit from mismanagement.
The company is based in Philadelphia and has offices in several cities.
The company has more than 8,000 employees worldwide.
The report comes on the heels of a report released by the Center that found that construction equipment manufacturers in the U.S. are losing $1.8 billion a year due to understaffing, lack of equipment and other problems.
While construction equipment is expected to account for about half of all U.s. construction spending by 2021, the industry has already seen a record number of layoffs, with construction companies reporting more than 10,000 layoffs in the first half of this year alone.
According to the report, about 1,200 construction companies have filed for bankruptcy protection since 2000, resulting in $1 trillion in losses.