Construction Spending in July Lowest in 10 Years

Washington, DC, Sept. 1, 2010–U.S. construction spending fell more than expected in July to its lowest rate in 10 years, according to a the Commerce Department.

The government said construction spending dropped 1.0% to an annual rate of $805.2 billion, the lowest since July 2000. June’s construction outlays were revised down to show a 0.8% fall, instead of the previously reported 0.1% gain.

Economists forecast construction spending falling 0.5% in July.