WASHINGTON — Construction spending tumbled in July to the lowest level in a decade, as the housing market struggles in the weak economy and without a popular home-buying tax credit.
The Commerce Department says construction activity dropped 1 percent in July, the third straight monthly decline. And government revisions showed much weaker activity than previously reported for May and June.
The report was the latest evidence that the economy was weakening significantly in the summer. That has raised concerns about the possibility of the country falling back into a recession.