On a month-to-month basis, total residential spending increased 2.96 percent from April and rose almost five percent above May 2011 levels. But spending still remained 60 percent below the kind of peak levels seen in 2006.
Today, the US Census Bureau released their latest read of construction spending showing improvement from last month with still near-cycle low levels of spending in May for residential construction while also indicating an improvement for total non-residential spending.
On a month-to-month basis, total residential spending increased 2.96% from April and rose 4.94% above the level seen in May 2011 while remaining a whopping 61.37% below the peak level seen in 2006.
Single family construction spending climbed 1.82% since April rising 15.54% since May 2011 but remained a whopping 74.22% below it's peak in 2006.
Non-residential construction spending rose 0.38% since April and climbed 15.11% above the level seen in May 2011 but remained a whopping 29.84% below the peak level reached in October 2008.