Construction spending shows end to real estate bounce(Read article summary)
Residential construction spending is up just a bit compared with last year, but still far below 2006 peak figures.
Today, the U.S. Census Bureau released their February read of construction spending showing a continued slowing of the government’s tax-carrot fueled bounce in residential construction spending while indicating continued weakness to non-residential construction spending.
Even with the governments tax-credit gimmick, residential construction spending is still 3.85% below the level seen last year and a whopping 62.93% below the peak set in March 2006.
Private single family residential construction spending increased 3.89% as compared to February 2009 but still remains some 75.48% below the peak set in February 2006.
Non-residential construction spending, currently accounting for over half of all private construction spending, posted another significant year-over-year decline of 24.34%.
These charts 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.
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