Construction spending improves. Slowly.
Today, the U.S. Census Bureau released their latest read of construction spending showing a slight improvement from last month at near-cycle low levels of spending in March for residential construction while also indicating an improvement for total non-residential spending.
On a month-to-month basis, total residential spending increased a slight 0.68% from February and rose 7.42% above the level seen in March 2011 while remaining a whopping 63.91% below the peak level seen in 2006.
Single family construction spending jumped 3.81% since February rising 10.35% since March 2011 but remained a whopping 75.15% below it's peak in 2006.
Non-residential construction spending rose 0.74% since February and climbed 15.16% above the level seen in March 2011 but remained a whopping 32.49% below the peak level reached in October 2008.
The following charts (click for larger dynamic versions) show private residential construction spending, private residential single family construction spending and private non-residential construction spending broken out and plotted since 1993 along with the year-over-year, month-to-month and peak percent change to each since 1994 and 2000 – 2005.
