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Construction spending: Nonresidential projects hit hardest

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(Read caption) Total private residential construction spending (2001-10)

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Today, the U.S. Census Bureau released their November read of construction spending showing near-cycle low levels of spending for residential construction while indicating a continued and notable decline for non-residential spending.

On a month-to-month basis, total residential spending increased 0.66% from October but dropped 11.08% below the level seen in November 2009 and a whopping 65.16% below the peak level seen in 2006 while single family construction spending increased 0.64% since October but declined 5.23% since November 2009 and whopping 77.24% below it's peak in 2006.
 Also, non-residential spending declined 0.10% since October, dropping 21.35% since November 2009 and a whopping 39.93% below the peak level reached in October 2008.

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