As used in this subchapter:

(1) “Construction” includes construction, erection, building, alteration, repair, reconstruction and destruction of improvements to real property.

(2) “Improvement” includes buildings, roads, streets, entrances and walkways of any type constructed thereon, and other structures affixed to and on land, as well as any changes to the land itself.

(3) “Residential real property” means any estate in real property improved by a dwelling for use as a residence.

No action based in tort to recover damages resulting from negligence in the construction or manner of construction of an improvement to residential real property and/or in the designing, planning, supervision and/or observation of any such construction or manner of construction shall be barred solely on the ground that the only losses suffered are economic in nature.