Construction spending falls in July(Read article summary)
Construction spending in the residential sector declined 1.58 percent from June, but construction spending rose 17.47 percent above the level seen in July 2011. Still, that's a whopping 60.88 percent below the peak level seen in 2006.
Today, the U.S. Census Bureau released their latest read of construction spending showing an overall decline from last month with total residential and non-residential construction spending declining as single family spending improved while all measures remained at near-cycle lows.
On a month-to-month basis, total residential spending declined 1.58% from June but rose 17.47% above the level seen in July 2011 while remaining a whopping 60.88% below the peak level seen in 2006.
Single family construction spending climbed 1.45% since June rising 20.55% since July 2011 but remained a whopping 72.91% below it's peak in 2006.
Non-residential construction spending declined 0.88% since June but climbed 8.65% above the level seen in July 2011 and remained a whopping 31.01% below the peak level reached in October 2008.
The above chart shows private residential construction spending along with the year-over-year, month-to-month and peak percent change since 1994 and 2000 – 2005.