Construction spending dropped 0.7 percent from $798 billion annual rate in December to $792 billion in January, the slowest spending pace since July 2000, according to the Associated General Contractors of America in a report released today.

Since January 2010, construction spending has declined by 5.9 percent. Private nonresidential construction dropped 6.9 percent from December and 13.2 percent from January 2010 .

Single-family construction spending was up 0.8 percent for the month but down 4.8 percent year-over-year, and multifamily spending was down 2.9 percent for the month and 20.1 percent from a year ago.