Yesterday, the U.S. Census Bureau released its latest read of construction spending, showing improvement in February. Total construction spending, residential and non-residential construction spending increased on the month. On a month-to-month basis, total residential spending increased 2.17% from January, climbing 20.08% above the level seen in February 2012 while still remaining a whopping 55.15% below the peak level seen in 2006.
Single-family construction spending climbed a notable 4.27% since January, rising 34.14% since February 2012. But it remained a whopping 66.40% below its peak in 2006. Non-residential construction spending increased 0.44% since January and rose 6.08% above the level seen in February 2012. It remained a whopping 27.37% below the peak level reached in October 2008.
The following charts show private residential construction spending, private residential single-family construction spending, and private non-residential construction spending broken out and plotted since 1993. In addition, they show the year-over-year, month-to-month, and peak percent change to each since 1994 and 2000-05.