Constuction Spending: March 2011

Today, the U.S. Census Bureau released their March read of construction spending showing near-cycle low levels of spending for residential construction while indicating a slight improvement for non-residential spending.

On a month-to-month basis, total residential spending increased 2.61% from February falling 8.13% below the level seen in March 2010 and a whopping 66.14% below the peak level seen in 2006 while single family construction spending declined 1.00% since February falling 9.38% since March 2010 and whopping 77.49% below it's peak in 2006.

Non-residential construction spending increased 1.78% since February but declined 10.19% since March 2010 and a whopping 42.05% 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.