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 (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.
