Construction spending: residential at four-month low
Today, the U.S. Census Bureau released their December read of construction spending showing near-cycle low levels of spending for residential construction while indicating a continued and notable decline for non-residential spending.
On a month-to-month basis, total residential spending declined 4.12% from November remaining 10.79% below the level seen in December 2009 and a whopping 66.53% below the peak level seen in 2006 while single family construction spending increased 0.50% since November but declined 6.37% since December 2009 and whopping 77.18% below it's peak in 2006.
Also, non-residential spending declined 0.53% since November, dropping 17.53% since December 2009 and a whopping 38.90% 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.
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