Construction spending improves. Slowly.
On a month-to-month basis, total residential spending increased a slight 0.68 percent from February and rose 7.42 percent above the level seen in March 2011 while remaining a whopping 63.91 percent below the peak level seen in 2006.
This chart shows the yearly change in the value of private residential construction put into place since 2004. Since the housing market bottomed out in 2009, new home prices have been slow to recover.
SoldAtTheTop
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.