Today, the U.S. Census Bureau released their October read of construction spending showing near-cycle low levels of spending for residential construction with an apparent continued slowing trend while indicating a continued and notable decline for non-residential spending.
With this months release it's plain to see that residential construction spending is trending similarly to other measures of performance for the residential housing markets reverting back down to the the worst levels seen in early 2009.
In fact, total residential construction spending is down nominally to the levels seen in 1995 while single family spending is hovering just above the series low at a level likely first seen sometime in the 1970s or 1980s.
On a month-to-month basis total residential spending increased 2.5% from September but dropped 15.54% below the level seen in October 2009 and a whopping 66.05% below the peak level seen in 2006 while single family construction spending dropped a 1.17% since September, declining 5.06% since October 2009 and whopping 77.54% below it's peak in 2006.
Also, non-residential spending declined 0.65% since September, dropping 24.68% since October 2009 and a whopping 40.85% 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.