Report: New construction takes hit in 2010

February 1, 2011 8:22:41 AM PST
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.