Just simply incompetent (at best) people milking the projects for insane amounts of money while adding no value. Actually in many cases adding negative value.
Basically low-level corruption like scheduling an extra couple construction laborers to a project that only needs half of what you assigned.
It's the same problem with the means-tested entitlement programs in the US. Sure outright fraud (e.g. welfare queen) is not worth talking about it's so rare. But the day to day low-level fraud that is endemic and pervasive to the system? Never counted in any studies.
The general incompetence and fraud has slowly (the older I get) become the norm. It's rare you come across competently done projects these days that are not swamped by fraud and waste.
I guess my point is that it's so common it's simply become normalized these days, and people no longer even see it as fraud/corruption/sloth - it's simply the way things are. It's not just construction - it's practically everything. I guess it's pretty similar to cost disease.
Otherwise, a lot of the "corruption" is just federal contracting hoops and hurdles--again, in place, theoretically, to limit corruption. More irony: Republicans are, essentially, arguing that old-fashioned cronyism is more efficient and cost-effective. Last laugh: It might be.
Come now, citizen, you used the wrong word.
In newspeak the word is "Profit".
Every company working on a project deserves to make profit, right? and they deserve to make more profit than ever before, right? So they made $100 million in profit 10 years ago, $1 billion last year, you know for sure they are going to make > $1 billion this year, otherwise they are an outright failure.
I was reading recently about corruption in Jared Kushner's businesses; these detail some of the ways and means it happens: City approves large fancy tower complex, but construction company hires expensive out-of-state workers, fails to pay taxes that benefit local schools, etc.
- http://www.baltimoresun.com/news/maryland/baltimore-city/bs-... - http://www.dailykos.com/story/2017/5/29/1665349/-Meet-Jared-...