Today, the U.S. Census Bureau released their March 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.
Despite the monthly pullback in residential construction spending though, on a year-over-year basis March brought the first increase in 45 consecutive months, a notable development.
Private single family residential construction spending increased 17.16% as compared to March 2009 but still remains some 75.14% below the peak set in 2006.
Non-residential construction spending, currently accounting for over half of all private construction spending, posted another significant year-over-year decline of 25.54%.
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.