Constuction Spending: May 2011

Today, the U.S. Census Bureau released their May 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 declined 2.1% from April falling 9.09% below the level seen in May 2010 and a whopping 66.15% below the peak level seen in 2006 while single family construction spending declined 0.27% since April falling 11.99% since May 2010 and whopping 77.64% below it's peak in 2006.

Non-residential construction spending increased 1.16% since April but declined 7.12% since May 2010 and a whopping 41.76% 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.