US Ski resorts are pinching investment budgets as they recover from the worst ski season in 20 years.

With resort real estate withering and resorts directing more investment toward summer amenities, the 2012-13 ski season marks the smallest capital investments in more than a decade. Ski areas will invest a projected $189 million in capital improvements this season, down from $300 million last season and $474 million in 2006-07, according to the National Ski Areas Association. The survey’s analysis of 41 ski areas in the Rocky Mountain region, which includes Montana, Wyoming, Idaho, Utah, Colorado and New Mexico, shows real estate investment collapsing in 2012-13, dropping from $20.1 million in 2010-11 to a mere $2.2 million in the coming season.

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