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May construction spending shows incremental increases

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(Read caption) This chart shows private residential construction spending plotted since 1993 along with the year-over-year, month-to-month and peak percent change to each since 1994 and 2000 – 2005. Recent data shows a slight increase in construction spending.

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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.

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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.