Builders began work on fewer projects in 2010 Builders began work on fewer projects in 2010 as construction spending hits decade low
ShareretweetEmailPrintMartin Crutsinger, AP Economics Writer, On Tuesday February 1, 2011, 10:06 am WASHINGTON (AP) -- Builders began work on fewer homes, shopping centers and other types of construction projects in 2010, as total building activity fell to the lowest point in a decade.
The Commerce Department says construction spending dropped 10.3 percent last year, marking the fifth annual decline. The slide began when the housing bubble burst after 2006.
Construction spending fell to $814.18 billion for the year, the lowest level since 2000.
And the year ended on a weak note. Builders started fewer homes and other projects in December, pushing activity down 2.5 percent for the month.