Construction spending shows end to real estate bounce
Today, the U.S. Census Bureau released their February read of construction spending showing a continued slowing of the government’s tax-carrot fueled bounce in residential construction spending while indicating continued weakness to non-residential construction spending.
Even with the governments tax-credit gimmick, residential construction spending is still 3.85% below the level seen last year and a whopping 62.93% below the peak set in March 2006.
Private single family residential construction spending increased 3.89% as compared to February 2009 but still remains some 75.48% below the peak set in February 2006.
Non-residential construction spending, currently accounting for over half of all private construction spending, posted another significant year-over-year decline of 24.34%.
These charts 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 and peak percent change to each since 1994 and 2000 – 2005.
Add/view comments on this post.
------------------------------
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.
