Construction industry sees loss of revenue
10:56 a.m. Wednesday, July 2, 2008
The construction industry in the U.S. continues to suffer.
A Commerce Department report shows that American builders cut their spending on new home construction by 27 percent in the past year.
The effects of the cutbacks are fewer construction workers and contractors getting work.
More offices, hotels, new schools, hospitals and roads have helped to prop up overall construction spending. So far, overall construction spending has only fallen 6 percent year-to-year, as governments and businesses continue to build.
However, economists warn, the environment could get worse as private businesses and government agencies cut their spending due to a shortage of available funds.
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