Today, the U.S. Census Bureau released their April read of construction spending showing a continued near-trough level spending for residential construction while indicating the first monthly increase to non-residential spending in over a year.Despite the ongoing weakness, on a year-over-year basis April continued to show notable increases with total residential spending increasing 4.11% while single family residential spending jumped 28.99%.
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.
While non-residential construction spending, currently accounting for over half of all private construction spending, posted its first monthly gain in over a year increasing 1.66%, the trend still appears very weak with a year-over-year decline of 24.59%.
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.
