LoJack Corp. last week issued a new theft report, finding that more than $9 million in construction equipment assets were stolen and recovered by LoJack in 2003, an increase of 15 percent year over year.

LoJack’s study underscores the continuing problem of construction equipment theft rings that re-sell stolen equipment to unsuspecting contractors or chop the equipment into pieces for resale. The study found that more than 80 percent of the equipment stolen and recovered was five years old or less. The majority of thefts occurred on weekends when construction sites are often left unguarded.

The LoJack system is a radio frequency-based stolen vehicle recovery system.