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Construction spending goes flat

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(Read caption) This chart shows, in millions, the total value of construction put in place since 2004. Numbers went mostly flat in February, but increased 5.5 percent above levels seen in February 2011.

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Today, the U.S. Census Bureau released their latest read of construction spending showing a flattening from last month at near-cycle low levels of spending in February for residential construction while indicating a notable pullback for total non-residential spending.

On a month-to-month basis, total residential spending increased a slight 0.03% from January and rose 5.59% above the level seen in February 2011 while remaining a whopping 63.56% below the peak level seen in 2006.

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Single family construction spending declined 1.51% since January but rose 4.21% since February 2011 and remained a whopping 76.29% below it's peak in 2006.

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Non-residential construction spending declined 1.57% since January but climbed a whopping 14.49% above the level seen in February 2011 but remained a whopping 34.12% below the peak level reached in October 2008.

The following chart shows private residential construction spending since 2004.