Construction spending remained flat in June
Today, the U.S. Census Bureau released their June read of construction spending showing a continued near-trough level spending for residential construction with a slowing of spending since last month while indicating a continued decline in non-residential spending.
Despite the ongoing weakness, on a year-over-year basis June continued to show notable increases with total residential spending increasing 8.98% while single family residential spending jumped 24.7% over the same period.
It's important to note though that both measures still remain far below their peak levels with total residential construction spending currently sitting over 61% below the peak level seen in 2006 while single family construction spending is down roughly 74% over the same period.
Also, while non-residential spending had been reported to have increased slightly earlier in the year, current revisions have erased all gains resulting in a 29.6% decline on a year-over-year basis and a 36.83% decline as compared to the peak reached in October 2008.
The following 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, month-to-month and peak percent change to each since 1994 and 2000 – 2005.
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