Monday, August 03, 2009

Construction Spending: June 2009

Today, the U.S. Census Bureau released their June read of construction spending again demonstrating the significant extent to which private residential construction has suffered during this historic downturn particularly for single family structures.

Total residential construction spending fell 30.03% as compared to June 2008 and a whopping 63.62% from the peak set in March 2006.

Worse off though was private single family residential construction spending which declined 51.11% as compared to June 2008 and a truly grotesque 79.86% from the peak set in February 2006.

Non-residential construction spending, currently accounting for just under half of all private construction spending, posted another year-over-year decline of 4.78%.

The following charts (click for larger 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 and peak percent change to each since 1994 and 2000 – 2005.