More Doom & Gloom For The Construction Industry

Things couldn’t be worse for those in the construction industry. Construction spending fell for a third straight month in December, closing out a year in which building activity fell by a record amount as housing continued to plunge, Business Week reports.

The Commerce Department said total construction spending dropped by 1.4% in December, slightly worse than the 1.2% decline economists expected.

For the year, total construction spending fell by a record 5.1%, surpassing the 2.1% decline in 2007. The weakness in both years reflected huge declines in home construction, which fell 27.2% last year, the largest drop on record since 1993.